The University is pleased to introduce Benefits+. Benefits+ is a package of salary exchange schemes that are available to you as an employee of the University of Reading. 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. Benefits+ brings together the following schemes:
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. childcare vouchers. 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 Benefits+ you participate in.
The launch of Benefits+ supports our commitment under the HR Strategy to improve the staff experience by enhancing the range of benefits available to staff through the inclusion of more tax efficient schemes. We hope to introduce more salary exchange arrangements to Benefits+ in the future and these will be communicated to you as and when they become available.
The savings made by the University will be reinvested in staff-related matters, taking into consideration suggestions put forward as part of the 2011 staff survey. Some of the savings will focus on valuing and supporting staff through reward and recognition arrangements and the introduction of an Employee Assistance Programme.
Benefits+ is 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.
Benefits+ is based on current taxation and National Insurance law and practice. If these change, the University reserves the right to amend or withdraw the arrangements.