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Salary Sacrifice Scheme
I'm a teacher who purchased 3 items (2 x PS4 & 1 iPhone 7) from my academy chain last year. Im starting a new job in September and was amazed to see that the academy chain has deducted £1300 from my final pay. I had already contributed £700 towards the items from payments each month. The agreement I signed did not mention final costs if you left your job and HR are basically saying tough you are no longer an employee therefore you do t receive the benefit. I'm shocked that they are charging me such an extortionate amount.
Any advice is greatly welcomed.
Any advice is greatly welcomed.
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Comments
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Ask them to show you the terms and when you agreed to them.0
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What did you think would happen if you left your job before you'd finished paying for them?
I highly doubt 2 PS4s and an iPhone 7 cost £700 all in...the cheapest iPhone is £600 on its own...0 -
You need to request the terms. What did you think was going to happen? Presumably you expected to pay something, just not £1300 perhaps?0
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ReadingTim wrote: »What did you think would happen if you left your job before you'd finished paying for them?
I highly doubt 2 PS4s and an iPhone 7 cost £700 all in...the cheapest iPhone is £600 on its own...
In fairness they don't come to 2K either......0 -
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You need to see the original terms and conditions you signed up to. These are the sort of schemes where reading the small print really is essential.
If you have not signed anything which says what happens if you leave within a certain period of taking the incentives then you might have an argument for going back and querying what justification they have. It is a fairly heavy increase on market price but I wonder if these schemes are like the dodgy pcp car deals where if you hand something back before the term expires you are heavily out of pocket.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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ReadingTim wrote: »1Tb PS4 = £339.99
256Gb Iphone 7 = £799
Total £1,478.98 (or £1,598.98 if it was an iPhone 7 plus).
So, no, not £2k, but somewhat more than £700.
I'd assume a phone contract too.
The condition will be somewhere in the overall rules of your salary sacrifice scheme.
And sacrificing it from your final salary doesn't seem unfair.0 -
Hope you dont teach Economics or Accounting0
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My employer offers a similar scheme and it was clear in the T&Cs that when you leave the company you have to pay any remaining balance.
These schemes are run by a few main players - I doubt yours is any different.0
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