A salary sacrifice happens when a worker consents to surrender some portion of the money compensation due under their agreement of business (i.e. some portion of their compensation) as an end-result of the business consenting to give some kind of non-money advantage.

At the point when the non-money advantage can be given tax-exempt, there is a general sparing to the representative. At times, the business additionally benefits through diminishments in risk for national protection on the yielded segment of the representative's pay.

There is no reason for making a pay yield if the advantage gave would itself be assessable.

How is salary sacrifice put into impact?

For each situation, a compensation relinquish is constituted by method for a commonly concurred variety in the business contract. The way this is accomplished relies on the plan:

Sacrifice for benefits (USS or SAUL) is set aside a few minutes the representative acknowledges an offer of work from the College. The representative may quit the compensation give up inside three months of joining, and from there on yearly on 1 December, by sending the suitable shape to the annuities office. Full subtle elements are given on the Pension Smart page

Childcare vouchers through Computer share must be connected for electronically over the web.

For Workplace nurseries (EYEC or nurseries at Hammersmith and Charing Cross Hospitals), guardians ought to contact Margaret Kennedy, 8 Princes Gardens, SW7 1NA (020 7594 5121) who will supply the application frame and mastermind an update to the business contract to be issued.

Auto stopping is overseen by the Facilities Management Division, and the give up is affected by a trade of messages.

Educational cost expenses for the Executive MBA program in the College's Business School are affected by separately custom fitted courses of action.

Fundamental conditions

Compensation relinquish can't and does not allude to past income, and constitutes an adjustment in the terms and states of work with the College.

The accompanying conditions must be satisfied:

The assention must be made ahead of time to guarantee that the applicable compensation is yielded before the representative has earned it (as per HMRC controls).

The decision must be for a characterized money related sum (a settled total or a rate of compensation).

Salary sacrifice schemes at Imperial College

The College offers salary sacrifice for the following:

• Pension membership of USS or SAUL (but not the NHS Pension Scheme), under a scheme known as Pension SMART
• Workplace nurseries, i.e. the Early Years Education Centre (EYEC) and nurseries at Hammersmith and Charing Cross Hospitals.
• Childcare vouchers provided through Computershare Voucher Services
• Car Parking
• Tuition fees for the Executive MBA at Imperial College.
• For donations in support of the College’s programme of providing additional bursaries and scholarships for future students