Professional Bodies’ Membership Fee
Benefit: Professional Bodies’ Membership Fee
Provider: Professional Bodies
Background: If you are a member of a professional body which is related to the work you carry out at Lancaster University then you can opt for the University to pay for your professional fees under the Flexible Benefits scheme. As your membership of the body is relevant to your work at Lancaster University you can agree to take a salary sacrifice and save the tax and NI on the full cost of the fee. You can enter your professional fees at any time of the year to coincide with the expiry of your current membership – you do not need to select this option during the annual enrolment window unless your fees are due at that time.
This option must be selected prior to the fee being paid. You will not be able to elect for this benefit on a backdated basis. You are required to provide payment details with a supporting invoice to Finance (Sarah Harding).
Flexible Benefits Options: You enter the amount due for one membership on the Flexible Benefits system.
Amendments to Benefit: You can select this benefit at any time during the Flexible Benefits year. The value of the fee (minus tax and NI) will be taken from your salary in one monthly reduction.
Tax and NI implications: This is operated by salary sacrifice. You will save tax and NI on this benefit.
Savings:Based on selecting a professional membership fee of £200, a member of staff on £25,000 would save approximately £58.80 on the cost of the membership fee.
How do I get this benefit?
During annual enrolment - enter the value of the fee into the Flexible Benefits system and send a copy of the invoice to Sarah Harding, Finance Department. The invoice will be paid by BACS.
After annual enrolment - as soon as you receive the invoice/renewal notice from the provider, request a life event and send a copy of the invoice to Sarah Harding in Finance. The invoice will be paid by BACS. When the life event enrolment opens, the value of the fee should be entered into the Flexible Benefits system. The full amount will be shown as salary sacrifice on the payslip in the next payroll.
At present only one professional fee can be paid through Flexible Benefits per annum.
Review Date Aug 2014