| Annual Salary |
The statement of terms and conditions set out in your contract of employment with The University of Exeter (“the University”) sets out your level of annual salary, and this may be amended over time. The changes under Salary Exchange for the University Car Scheme will mean that your level of annual salary (your annual salary, not including overtime and other supplementary payments) will be reduced by the sum shown on your Order Form for the University Car Scheme). There will also be a variation of this reduction to reflect any future changes to VAT from the level applicable at the time of the commencement of the agreement. However, your pre-reduction pay will still be used to calculate other benefits and will be referred to as “Reference Salary”. Future pay awards will continue to be based on Reference Salary and be notified to staff by the University. |
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| Adjusted Salary |
This means your Reference Salary, as amended from time to time, but which has been reduced by the Car Scheme salary exchange. |
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| Overtime |
If you are entitled to additional payment for overtime working, this will be calculated on your Reference Salary. |
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| Holiday Pay |
Any holiday pay on leaving (whether owed by you or the University) will be based on Reference Salary. |
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| Other payments and allowances |
All other payments and allowances payable by the University that are earnings-related will also be based on Reference Salary. |
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| Pension Scheme |
Pension contributions and pensionable salary will be based on Reference Salary. |
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| Salary Exchange for Car Scheme |
The University reserves the right to amend or discontinue Salary Exchange for the Car Scheme should the University determine that it is appropriate for it to do so taking into account such matters as it may determine relevant from time to time including changes to UK tax legislation. |
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| Withdrawal from Salary Exchange for Car Scheme |
This Agreement is for a 24 / 36 month agreement (as confirmed on the ALD Automotive Order Form). If the University terminates the lease prior to its agreed end date, ALD Automotive will charge an early termination payment in accordance with the terms set out in the contract with the University. By participating in this scheme, you are agreeing that, in the event of your employment ending for any reason during the period of the lease or if you wish to terminate the agreement prior to the end of the lease term that the University agreed with ALD Automotive, the University can recover the early termination payment from your final monthly salary. The termination fee will be collected by the University from any remaining net salary payments i.e. you will not benefit from any tax exemption. Should this not be possible for any reason, or the outstanding liabilities exceed any remaining net salary payments due to you, then the University will require settlement of any outstanding liabilities within 14 days of leaving your employment and such liabilities will be recoverable from you as a debt.The early termination payment will not be charged in the event of death in service or where the principal reason for the employment ending is redundancy. The early termination payment will not be charged where another employee agrees to take over the balance of the agreement.
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