XTRA
The company runs an arrangement
where you can give up part of
your salary in return for National
Insurance (NI) savings. This is
called 'XTRA'.
Although the same
amount of money will go into the
scheme on your behalf, it will be
paid by the company. As a result,
both you and the company pay
less National Insurance.
We will automatically include
you in XTRA when you become
a member of the scheme.
If you joined the group before
1 January 2009 you may opt-out of
XTRA before you join the scheme. This guide will help you decide if this is appropriate for you.
Five reasons why
XTRA is good for you.
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You pay less National Insurance
so your take-home pay goes up. (The amount of income tax you pay is not
affected.)
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Your pay reviews and bonuses (if
these apply) are not affected.
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Your pension still builds up
based on your salary before any adjustment for XTRA.
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Death and ill-health benefits
are based on your salary before any adjustment for XTRA.
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Any tax credits you may receive
from the State won˙t be reduced.
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In some circumstances your payroll department may say you cannot take part in XTRA to make sure your State benefits are not affected.