Details of pension scheme costs and benefits. Scheme costsBoth the University and Members of the Staff Benefits Scheme (SBS) make contributions to the scheme.The contributions are paid as follows:Effective DateEmployee ContributionEmployer ContributionTotal01/01/20256.10%15.60%21.70%01/07/20229.10%25.80%34.90%01/08/20199.10%19.80%28.90%01/01/20178.00%16.20%24.20%01/08/20097.50%20.30%27.80%01/08/20087.00%18.90%25.90%01/01/20086.50%17.50%24.00%01/08/20076.00%18.00%24.00%Tax relief on pensions contributionsContributions are deducted from your gross monthly salary. You receive tax relief on the contributions that you make.In addition, the University has entered into a Salary Sacrifice arrangement called Pensions plus. The result of this is that both the employee and the employer pay lower National Insurance contributions. More information is available on Pensions plus.Pensions plusScheme benefitsFor details of the scheme benefits please contact the Pensions Office. This article was published on 2024-07-01
