Sheffield Teaching Hospitals operates a staff benefits scheme called i-Choose. Under i-Choose you can select a bicycle, childcare vouchers or pay for STH car parking by having the cost reduced from your salary, saving you tax and National Insurance Contributions (NIC).
You will essentially be giving up part of your salary in exchange for a non-cash benefit (bicycle, car parking or childcare vouchers) which is treated more favourably for tax and NIC.
Please note that when entering a salary sacrifice arrangement it is important to consider the potential effect that a reduction in pay might have on:
- The value of your NHS pension and lump sum.
- Your entitlement to Working or Child Tax Credits.
- Your entitlement to State Pension or other benefits.
- Any statutory benefits such as Maternity or paternity pay, adoption leave or sick pay.
For more information about i-Choose please see the leaflets below:
Bicycle Scheme Enrolment Period 7th Oct to 15th Nov 2013