Pension Exchange, Salary Sacrifice
Pension Exchange is a salary sacrifice scheme that will result in an increase in your take home pay by reducing National Insurance contributions.
Rather than you paying monthly pension contributions, SOAS will deduct the amount equal to your pension contributions from your monthly salary, and pay your pension contributions on your behalf. This will reduce your National Insurance payments and increase your take home pay! SOAS therefore pay both employee and employer contributions.
The overall level of contributions to USS or SAUL remains unchanged.
Please refer to the comprehensive Pension Exchange guide for full details.
If you are employed on a contract that is 2 years or more, you are automatically enrolled in this scheme.
If you have been included in PensionExchange automatically then, unless you choose to opt-out of PensionExchange within 3 months of joining, we will determine that you have accepted the changes which will apply to your Terms and Conditions of employment and the way payment of contributions are deducted from your salary.
If your employment contract is less than 2 years, you are not automatically enrolled, however you can opt-in to the Pension Exhcange scheme. Just fill in the Opt-In form.
Terms and conditions apply if you are enrolling with a short-term contract. Please review the terms. If you have any questions, a member of the Pensions team will be happy to schedule an appointment to discuss this programme with you.