Salary exchange
Members of the Universities Superannuation Scheme (USS), the ÄûÃÊÊÓƵ Pension and Assurance Scheme (USPAS) or the ÄûÃÊÊÓƵ Pension Savings Scheme (USPSS) could receive a cash advantage from Salary Exchange being introduced at Sussex. An employee who participated in Salary Exchange would see his/her net pay increase as a result whilst the overall level of actual pension contributions to his/her pension, and pension benefits, would remain unaffected.
Many employers, including other universities and USS, have introduced salary exchange on pensions. Introducing it at Sussex has the agreement of the recognised trade unions, provided employees have the opportunity to opt out (ie to not participate) which will be the case.
FAQs
For further information on Salary Exchange, this website provides extensive and detailed FAQs.
Letters sent to members
Letters are being sent to all pension scheme members at Sussex in the week ending 26 August 2011. PDF copies of the letters are provided on these pages.
Reference documents
This site also provides opt-out forms, as well as the letters and the presentation booking form on the documents page.