Will PensionSMART affect Sick Pay?
The College provides College sick pay over and above Statutory Sick Pay (SSP). College sick pay will still be calculated with reference to your Pre PensionSMART Basic Salary and will therefore not be affected by participation in PensionSMART. Unless you opt out of PensionSMART you will continue to exchange an amount equivalent to 6.35% (USS) or 6.00% (SAUL) of your sick pay during any period you are in receipt of College sick pay, provided that this does not reduce your Adjusted Salary to below SSP. If you are not entitled to College sick pay you may be entitled to SSP. SSP is paid at a flat rate and will not therefore be affected by participation in PensionSMART (providing you earn above the NIC Lower Earnings Limit (£4,524 per annum for 2007/08)). You will therefore be no worse off than at p resent.
