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22 May 2008
A new staff benefit scheme is to be launched by the University on 1 July which is set to deliver savings for staff and the University.
Forming part of the University’s commitment to the ongoing Positive Working Environment programme, positiveBenefits will encompass positivePensions, positiveChildcare and positiveCycling.
positivePensions will deliver added value for members of the University Superannuation Scheme (USS) and Cardiff University Pension Fund (CUPF). positiveCycling will be a new scheme to promote healthy and environmentally-friendly transport, by enabling members of staff to make savings on the purchase of a bicycle used to commute to work. positiveChildcare is a re-launching of the current childcare vouchers scheme.
Under positiveBenefits, staff agree to give up part of their gross contractual salary equal to the cost of any part of positiveBenefits, and the University will pay this cost on their behalf.
This means that, depending on the benefits chosen, staff no longer have to pay tax and/or National Insurance contributions on the amount exchanged so take-home pay increases.
The new scheme also offers the University financial savings which will be redirected to work on sustainability, including energy conservation and other Positive Working Environment initiatives.
Sian Williams, Head of Salaries and Pensions said: ‘We see positivePensions as a way of maximising savings for staff and the University. Similar schemes have been successfully introduced at other universities throughout the UK."
All staff members will receive a letter of introduction and the positiveBenefits booklet providing more detailed information on each element of the scheme by the end of May.
From 1 July 2008, most existing members of the USS and CUPF will be automatically opted into positivePensions unless they choose to ‘opt out’. Those not eligible to participate in positivePensions due to their current pension plans or lifestyle position will be automatically ‘opted-out’, but may still be eligible to apply to positiveChildcare and positiveCycling.
Those who choose not to participate in positivePensions must complete and return their opt-out form by 27 June. Throughout June, Human Resources and Finance will be holding ‘road show events’ across the campus.
More information about positivePensions, positiveChildcare and positiveCycling, sets of Frequently Asked Questions, and a tool to calculate how the scheme will benefit you are all available at www.cf.ac.uk/fince/servicesstaff/index.html
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