Pay Plus for pensions
Pay Plus for pensions is a new benefit for all members of the Universities Superannuation Scheme (USS) and the University of Sheffield Pension Scheme (USPS). It enables pension scheme members and the University to save money by taking advantage of HM Revenue and Customs recognised arrangements for paying pension contributions.
Pension scheme members already receive income tax relief on their pension contributions. With Pay Plus for pensions, scheme members and the University make savings on the amount of National Insurance (NI) that is paid, thus increasing take home pay and reducing University costs.