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.
With effect from 1 April 2013, legislation will require the University to automatically enrol those people who are not currently a member of a pension scheme into one. For more information then please visit the pensions auto-enrolment web pages.
Please note that in the fourth month of pension membership your payments will become Pay Plus for Pensions payments unless you opt out.