As a result of recent Government interventions, particularly with changes to pension taxation, it may be more beneficial for some employees to receive a cash supplement in place of additional pension contributions. The University’s objectives in providing for an alternative to pensions contributions are to remain competitive within the external market, and to attract and retain high-calibre individuals.
The University is committed to investing significant resources in pension provision for employees so that at retirement they are more financially secure. The University does not want to provide any encouragement to any employee who may not be financially secure to opt out of pension scheme membership. In the case of, typically high earning, employees who are affected by the pension tax limits (the Lifetime Allowance (LTA) or the Annual Allowance (AA)) the University is confident that they have a high degree of financial security for retirement as a result of previous pension scheme membership.