Salary Exchange
Salary exchange is a smarter way of receiving staff benefits as it increases your take home pay by taking advantage of tax and National Insurance (NI) savings.
Salary exchange is achieved by varying your terms and conditions of employment relating to salary. Receiving benefits through a salary exchange scheme means that you are agreeing to a reduction to your salary in return for a non-cash benefit of an equivalent amount e.g. purchase of a bicycle. You will not have to pay tax or NI on the salary you have given up, so you will make savings and your take home pay will increase. The amount of savings you make depends on how much you earn and which part of salary exchange you participate in.
Disclaimer
Salary exchange schemes are designed so that most staff will benefit from participating. However, if you are unsure about whether or not you should participate, you may wish to seek your own financial advice. The University has put in place safeguards to ensure that no one is adversely affected.
The salary exchange schemes in operation are based on current taxation and National Insurance law and practice. If these change, the University reserves the right to amend or withdraw the arrangements.