New salary exchange pension scheme arrangement for Level 1–3 staff

April 23rd, 2024

Staff eligible to join the Contributory Retirement Savings Plan (CRSP) are set to benefit from a new salary sacrifice arrangement starting from June 2024.   

The university is working with ISIO (independent pension specialists) and Legal & General to introduce a salary exchange arrangement under the CRSP scheme.

The salary exchange arrangement will allow eligible members to join a more cost-efficient retirement savings plan that provides you with the opportunity to save National Insurance Contributions (‘NICs’) on your pensionable pay.  

Under the new salary exchange arrangement your contractual basic monthly salary will be reduced by the percentage amount you choose to contribute to your pension.

The university then pays that amount, together with its normal employer contribution into your pension as an employer contribution. The salary exchange arrangement reduces the level of pay that is subject to national insurance deductions creating a net pay saving for you.

The total pension contribution paid to the CRSP scheme and the pension benefits you will receive will remain the same. 

This new pension scheme arrangement will be introduced from Saturday 1 June 2024.

The university will be writing to Level 1-3 employees at the end of April to share more information about the arrangement, the benefits, and how it all works.

For more detailed information, please read through our information sheet and in-depth Frequently Asked Questions

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