All current car parking permit holders could benefit from tax-free car parking permits by opting-in to the SMART Car Parking scheme.
Please use the links on the intranet homepage or via the Transportation team to opt-in to this scheme when you renew your Car Parking Permit. By opting in to this scheme a reduction will be made to your gross (pre-tax) pay in line with the value of your car parking permit. You will make a saving on the income tax and National Insurance contributions you have not had to pay.
This benefit is open to all current permit holders but may not be suitable for everyone. A salary sacrifice reduces your pensionable pay and therefore could reduce your pension benefit.
In the NHS pension scheme, pensionable salary is reduced if salary sacrifice is used to provide benefits to employees. Under the existing NHS pension scheme, when salary sacrifice ceases, pensionable salary returns to its pre-sacrifice level, and due to the way in which pension benefits are calculated, if salary sacrifice ceases a few years prior to retirement, there is no impact on the level of final pension benefits.
The NHS pension scheme is currently a final salary scheme, however, from 1 April 2015 most members of the NHS pension scheme will transfer to the new career average scheme pension being calculated on the level of salary each year rather than the level at retirement. As a result, any salary sacrifice during a year will reduce the level of pension earned in that year. Individuals should therefore consider their position and the potential impact entering into a salary sacrifice arrangement may have upon their final NHS pension entitlement. For members who are within 10 years of their Normal Pension Age at 1 April 2012 there is transitional protection in place and they will remain in their existing section. Members with between 10 years and 13 years and 5 months of their Normal Pension Age at 1 April 2012 may remain in their existing section for a period of time before joining the new section.
Please contact your t the Pension team at Aster Offices, Blackpool Teaching Hospitals, Whinney Heys Road for more details or visit the Pensions Agency website