A more efficient way to make your occupational pension contribution
PensionsPlus is a simple and risk free way to deliver savings for the majority of staff and the University. This is why we are following the path taken by a number of other universities and introducing PensionsPlus at the University of Essex.
PensionsPlus is not another pension scheme. It is simply a more efficient and effective way of paying into your existing pension scheme.
How it works
When you join PensionsPlus you agree to reduce your gross contractual salary by the value of your pension contributions, therefore the amount both you and the University pay in National Insurance (NI) contributions reduces. As your NI contributions decrease, your take-home pay increases.
- You do not pay your pension contributions directly
- Your gross contractual salary will be reduced by 6.35% (USS) of pensionable salary or 6% (UEPS)
- In return, the University will increase its contributions by an equivalent amount (paying your contribution as well as the University's), which will be paid into the relevant pension fund.
- As your gross salary is lower, you will pay lower NI
Currently Essex County Council Pension Scheme members are not able to join PensionsPlus, nor is it possible to include Additional Voluntary Contributions (AVCs) in this scheme.
Your basic state pension will not be affected. On retirement USS or UEPS pension benefits will still be based on the full level of your salary.
If you would like to see how PensionsPlus would affect your take-home pay, please use the USS cost of contributions calculator (external site).
If you want to know more about PensionsPlus, please read this comprehensive guide to the scheme (opens PDF).
A copy of the information made available to staff at the launch of the scheme in April 2009 (PDF) is also available.
If you can't find the information you are looking for, please contact the Payroll Manager tel: 01206 874565 or Alan Charnock (Deputy Director of Human Resources) tel: 01206 872461 or email alanc (non-essex users should add @essex.ac.uk)
PensionsPlus: a smarter way make pensions contributions.
Deputy Director of Human Resources