Pension salary exchange scheme

About the Scheme

The University of Bristol introduced a Pension Salary Exchange Scheme (“Salary Exchange”) in July 2009 for members of the Universities Superannuation Scheme (USS) and the University of Bristol Pension and Assurance Scheme (UBPAS).

The scheme offers the opportunity for both employer and employee to achieve savings on National Insurance Contributions. This represents an excellent opportunity to increase take home pay for many of our staff, whilst at the same time enabling the University to make significant salary cost savings.

Under the Pension Salary Exchange arrangements:

  • Employee pension contributions reduce to nil
  • The University pays additional pension contributions equal to members’ current contributions into the schemes
  • In return for member contributions reducing to nil, members agree to an equivalent reduction in their salary
  • Both the University and the employees save National Insurance Contributions (NIC) on the salary sacrificed

This site provides full details of the Scheme, and includes a calculator to enable you to see how your salary is affected.

For queries about the scheme and how it affects you, please contact Payroll and Pensions on 0117 95 46375