Members of the University of York Pension Scheme – how does Pensions Extra (UoY) work?
You will stop making your employee pension contributions [3.75% (lower tier option) or 7.25% (higher tier option)] to the UoY Pension Scheme. • The University will increase its employer contributions (currently 14.95%) and pay an additional amount equivalent to your current employee pension contribution (3.75% or 7.25%) to make a total contribution of 18.7% or 22.2% directly into the UoY Pension Scheme. Please note that these are the contribution rates effective from 1 October 2009 – please contact the Payroll and Pensions Office for more details. c) Members of both pension schemes • Your contractual gross pay will be reduced by the amount that you previously paid into the pension scheme. • As a result your take home pay will increase because you are paying less National Insurance Contributions (NIC). This is because NIC’s are calculated on gross pay prior to the reduction of pension contributions. The University will also make NIC savings in the same way. • Additional Voluntary Contri
