Salary Exchange affects the way in which pension contributions are made to OSPS and USS, with benefits both to the individual and to the University. Under the scheme, National Insurance contributions reduce, resulting in an increase in take-home pay for individuals and cost-savings for the University.
Scheme benefits are the same whether or not contributions are paid through Salary Exchange. However, HMRC regards all contributions taken through Salary Exchange as employer contributions, so they cannot be refunded to members who qualify for refunds due to short service.
As with the pensions schemes, Salary Exchange is an implied consent scheme. This means that all USS and OSPS members are enrolled automatically in Salary Exchange after three months (for USS members) or immediately (for OSPS members) on commencement at the University unless they specifically choose to opt out.
You can find out more information on Salary Exchange on the payroll website.
