: PensionSMART Supplementary Terms and Conditions of Employment for participants 1.1 PensionSMART is an arrangement whereby employees of Imperial College London (“the College”) can save national insurance contributions (NICs) by agreeing to an amendment to their terms and conditions of employment. It relates to contributions to the following pension schemes (the Pension Schemes): Universities Superannuation Scheme (USS) Superannuation Arrangements of the University of London (SAUL) 1.2 This document, which constitutes an amendment to the employee’s terms and general guidance material and conditions of service, must be read in conjunction with the Frequently Asked Questions concerning and the FAQs relating specifically to Expressions used in this document are defined in the section headed PensionSMART Terminology. Salary Sacrifice (or Salary Exchange) 2.1 By participating in PensionSMART, the employee agrees to forego the percentage of their salary equivalent to the standard member contribution to the relevant pension scheme, in exchange for which the College as employer will make a contribution which is equivalent to the sum of the normal employer’s contribution and the salary foregone by the employee. This is arrangement is known as Salary Sacrifice or Salary Exchange. The percentage contributions of the Pension Schemes are set out here. Table of standard member contribution rates and employer’s contribution rates A B C Pension Percentage by Percentage of salary Total contribution scheme the salary of which the employer made by the College PensionSMART would ordinarily on behalf of participants will be contribute to the PensionSMART reduced. This is pension scheme (i.e. participants. This is equivalent to the for employees not in equivalent to the member PensionSMART). This sum of the “standard contribution” in is referred to as the and the “member’s” literature published “employer’s “employers” by the pensions contribution” in contributions. schemes literature published by the pensions schemes Effective from 1 April 2016 USS 8% 18% 26% SAUL 6% 16% 22% Rates effective before 1 April 2016 USS Final 7.5% 16% 23.5% Salary Section USS 6.5% 16% 22.5% Revalued Benefit Section SAUL 6% 13% 19%
PensionSMART : Supplementary Terms and Conditions of Employment for participants 1.1 PensionSMART is an arrangement whereby employees of Imperial College London (“the College”) can save national insurance contributions (NICs) by agreeing to an amendment to their terms and conditions of employment. It relates to contributions to the following pension schemes (the Pension Schemes): Universities Superannuation Scheme (USS) Superannuation Arrangements of the University of London (SAUL) 1.2 This document, which constitutes an amendment to the employee’s terms and conditions of service, must be read in conjunction with the general guidance material and Frequently Asked Questions concerning and the FAQs relating specifically to Expressions used in this document are defined in the section headed PensionSMART Terminology. Salary Sacrifice (or Salary Exchange) 2.1 By participating in PensionSMART, the employee agrees to forego the percentage of their salary equivalent to the standard member contribution to the relevant pension scheme, in exchange for which the College as employer will make a contribution which is equivalent to the sum of the normal employer’s contribution and the salary foregone by the employee. This is arrangement is known as Salary Sacrifice or Salary Exchange. The percentage contributions of the Pension Schemes are set out here. Table of standard member contribution rates and employer’s contribution rates A B C Pension scheme Percentage by the salary of PensionSMART participants will be reduced. This is equivalent to the “standard member contribution” in literature published by the pensions schemes Percentage of salary which the employer would ordinarily contribute to the pension scheme (i.e. for employees not in PensionSMART). This is referred to as the “employer’s contribution” in literature published by the pensions schemes Total contribution made by the College on behalf of PensionSMART participants. This is equivalent to the sum of the “member’s” and the “employers” contributions. Effective from 1 April 2016 USS 8% 18% 26% SAUL 6% 16% 22% Rates effective before 1 April 2016 USS Final Salary Section 7.5% 16% 23.5% USS Revalued Benefit Section 6.5% 16% 22.5% SAUL 6% 13% 19%
PensionSMART-Supplementary-terms-and-conditions-of-employment.docx