Common use of SALARY SACRIFICE ARRANGEMENTS Clause in Contracts

SALARY SACRIFICE ARRANGEMENTS. The Employer has or may at some stage introduce a salary sacrifice arrangement. Under this arrangement some or all of the Executive’s pension contributions payable to the Scheme from time to time (which may at the Employer’s discretion include both regular or mandatory contributions or voluntary contributions) are currently or will be paid on the Executive’s behalf by the Employer in return for a reduction in the Executive’s salary (although pension and life cover benefits will be calculated without regard to this reduction). By signing and/or entering into this contract the Executive has agreed to this reduction. The Executive is therefore automatically a member of the salary sacrifice scheme (if one is already in place) or alternatively will join the salary sacrifice arrangement if it is introduced unless the Executive chooses to opt out as permitted under the terms of the salary sacrifice arrangement.

SALARY SACRIFICE ARRANGEMENTS. The Employer has or may at some stage introduce a salary sacrifice arrangement. Under this arrangement some or all of the Executive’s pension contributions (if any) payable to the Scheme Your Tomorrow scheme from time to time (which may at the Employer’s discretion include both regular or mandatory contributions or voluntary contributions) are currently or will be paid on the Executive’s behalf by the Employer in return for a reduction in the Executive’s salary (although pension and life cover benefits will be calculated without regard to this reduction). By signing and/or entering into this contract the Executive has agreed to this reductionoption. The Executive is therefore automatically a member of the salary sacrifice scheme (if one is already in place) or alternatively will join the salary sacrifice arrangement if it is introduced unless the Executive chooses to opt out as permitted under the terms of the salary sacrifice arrangement.