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Salary Sacrifice Schemes

The idea of salary sacrifice/salary exchange schemes is very simple - the cost is deducted from your gross salary, which means you save on income tax, National Insurance and VAT, making the most of your salary.

Salary Sacrifice Schemes

The following is an overview of the current Salary Sacrifice Schemes available at the University.

If you are a current member of staff you will find more information, including all our policies, on HR ServiceNow.

Cycle to work scheme

The Cycle to Work scheme allows you to hire a bike and safety equipment from your employer for the purpose of commuting to and from work and for use at weekends and evenings.

You can choose a bike up to the value of £1000 from local bike retailers or any Halfords store.  The value of the bike is spread across a period of 12 months and each month the payment will be deducted from your gross salary. This element of salary will not have tax or national insurance applied to it, making this a tax-free benefit.

You do not pay tax or national insurance contributions on the value of the salary you sacrifice for this agreement. For example, if you choose a cycle and safety equipment to the value of £400 and are a lower rate tax payer, you could save up to £128* on the total cost, and if you are a higher rate tax payer you could save up to £168 (exact savings are subject to your individual tax and national insurance calculations).

In order to receive the Tax benefits resulting from a salary sacrifice arrangement you will need to be a UK taxpayer, who can benefit from the Tax efficiencies of the scheme. You will also need to be able to meet the required 12 monthly payments through your salary.

If you are a current employee you will be able to apply for this scheme at My Sustain Rewards & How To Apply 2017 and find more information, including all our policies, on HR ServiceNow.

University Nursery fees

The University Nursery excellent early years care and education for children from 12 weeks to 5 years.  Rated ‘GOOD’ by Ofsted it offers an inclusive and diverse learning environment which is led by a team of fully qualified staff members. 

The University Nursery fees are deducted from your ‘Gross Salary’ which means you save on income tax and national insurance contributions, making the most of your salary.

If you are a current employee you will find more information, including all our policies, on HR ServiceNow.

Further information is available at University Nursery Admissions & Fees

Childcare vouchers

The University's operates childcareplus with its benefits provider Sodexo Motivation Solutions.

If you are a current employee you will find more information, including all our policies, on HR ServiceNow.  The scheme can be accessed at My Sustain Rewards.

Childcare vouchers save you money on registered care for younger and older children as you don’t pay tax or national insurance on your selected voucher value.

The amount you save depends on how much tax and national insurance you pay. If you are a basic rate taxpayer you can save as much as £933* (subject to individual circumstances) per parent, per year. For higher rate tax payers you can make savings of up to £624* per parent, per year.

In addition, both working parents can take vouchers making their potential family saving £1,866* per family per year.

*Please note the amount you save depends on individual circumstances and is subject to your employer carrying out a basic earnings assessment.
 

Childcare & Childminder Services

For information on local childcare facilities and childminders

Please note

The governments new Tax-Free Childcare (TFC) administered by National Savings & Investments (NS&I) was launched on 21 April 2017. Further information can be found at Gov.uk.

The TFC will gradually be rolled out in 2017, with parents of children aged under four (on 31 August), and parents of disabled children aged under 17 able to enter the scheme first.

You can remain in the Childcare Voucher Scheme - Childcareplus (employer supported childcare, (ESC)) which is administered by Sodexo on behalf of the University.  This scheme will continue to run and will remain open to new entrants until 31 March 2018.  

 

 

Holiday purchase scheme

This benefit is a salary sacrifice scheme which allows eligible employees to request to purchase up to a maximum of 10 days (72.5 hours) additional holiday in a leave year and to spread the cost of the extra leave overthe 12 month period.   If you work on a part-time basis this will be pro-rated based on the number of hours you are contracted to work.  

You are eligible to join the Holiday Purchase Scheme if you are paid via the University payroll and have a permanent contract of employment or a fixed term contract of 12 months or more.

The scheme is open from 1st June to 12th August annually. 

If you are a current member of staff you will find more information, including all our policies, on HR ServiceNow.