A salary sacrifice scheme is an arrangement between you and your employer, where you agree to a reduction in your salary and in return you receive a benefit. The benefit in this case is the provision of a training course from the Reed Business School equivalent in value to the amount that you have sacrificed.
The benefit to you is that you may save on income tax and national insurance contributions.
The sacrifice is achieved by varying your terms and conditions of employment as you are giving up your contractual right to future cash payments to the value of the amount sacrificed.
Please be aware that certain state benefits notably State Second Pension, Statutory Sick Pay and Statutory Maternity Pay, are related to total gross earnings and a reduction in your taxable salary may reduce your entitlements.
A summary of advice from the HM Revenue & Customs is available from their website at
www.hmrc.gov.uk/specialist/salary_sacrifice.pdf