The University has implemented PensionPlus which means Universities Superannuation Scheme (USS) members and the University will save money on the cost of pension contributions.
Current pension rules mean that we can only implement PensionPlus with the USS scheme; we cannot implement PensionPlus on LGPS.
Using PensionPlus, the University will pay your pension contributions to USS on your behalf.
This reduces the amount of national insurance contributions that both you and the University will pay resulting in you receiving a slightly higher take-home pay and the university will have additional funding.
How PensionPlus works
For most of you, participating in PensionPlus will increase your take-home pay.
There are some exceptions to this which are explained in the The PensionPlus Booklet in more detail. If you are one of those who may be adversely affected, we have put in place a number of safeguards to ensure that you are not included in PensionPlus.
The booklet will show common questions and examples of how PensionPlus would affect your take-home pay.
On your payslip
Pension Plus is shown as USS 2016 Pension under payments, and as USS 2016 salary sacrifice under deductions
Implementing Pension Plus
The University endeavours to keep pace with other universities who have already introduced this smarter way to make pension contributions and are committed to providing employees with an excellent range of benefits.
We are also committed to making sure that we manage the University's funding as efficiently as possible. Implementing PensionPlus has provided the University will be significant saving and you also benefit from your increased take-home pay.
The implementation of PensionPlus is beneficial to our employees and will help maintain the University's long-term financial health and continued future success.