To apply for the option you must complete the Pension Cash Supplement opt out form. Answers to some FAQs are available here.
PCS Policy: Summary
A group established by Council for the purpose of considering the University’s response to pension taxation changes has approved the alternative of a 12% cash supplement to salary in place of pension provision for those who are adversely affected by pensions tax allowances, subject to certain eligibility criteria.
Employees of the University of Oxford are provided with membership of one of the University’s pension arrangements. Academic and academic-related staff are entitled to join the Universities Superannuation Scheme (USS). USS is a hybrid scheme based on Career Revalued Benefits up to a salary threshold (£55,000 as at April 2016) and defined contribution benefits above the salary threshold. Additional death in service and ill health benefits are also provided for active members of USS.
From October 2019 active members of USS pay contributions at a rate of 9.6% of pensionable salary and the employer pays the balance of the cost and also deficit repair contributions (21.1% as at October 2019). The employer carries the risk in the Career Revalued Benefits section for investment, longevity and future deficits emerging.