London Overground: New Pension Arrangement Explained
Submitted by Admin on 8 January, 2010 - 12:05London Overground is changing the way employees pay contributions into its pension system (the RPS) by introducing an arrangement known as ‘salary sacrifice’. Under the old system, you were paid your salary with your pension contribution deducted from it. Under this new system, your salary is reduced by the amount of the pension contribution and the employer pays your contribution direct to the fund. What’s the difference?