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Salary Exchange

From 1 June 2009, all eligible employees will be automatically opted in to Salary Exchange for their pension contributions.

Salary Exchange means that your salary is reduced by an amount equal to your pension contributions and the contributions are paid by the Company on your behalf.

The reduction to your salary means that you pay less National Insurance (NI).

Contributions and other benefits, such as death in service benefits, are still based on your Reference salary, not on your reduced salary.

There are some members for whom making contributions through Salary Exchange may not be beneficial, particularly those on lower pay. You will be automatically opted out if this applies to you.

Below you will find a video and presentation for Gases employees and a video and presentation for Gist employees. To hear more about Salary Exchange, please watch the versions relevant to you.

For Gases employees

Mike Huggon welcomes you to Salary Exchange

Salary Exchange Presentation

For Gist employees

Mike Bousfield welcomes you to Salary Exchange

Salary Exchange Presentation

For further information about Salary Exchange, you can download the following documents:

Salary Exchange Factsheet

Salary Exchange Q&A

Salary Exchange Additional Q&A

You can opt out of Salary Exchange if you wish. If you opt out, you can still be a member of a BOC pension scheme but you will pay NI on your contributions. To opt out, complete and return a Salary Exchange Opt-out form. You can download the form below or request one from HR/Personnel.

Salary Exchange Opt-out form

Salary Exchange Opt-in form

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