Staff who are members/eligible members of PASNAS will be invited to give their views on proposed changes to the pension scheme in a 60-day consultation which started on Friday 12 January 2018 and ends on 13 March 2018.
What are the proposed changes?
The University’s Pension and Assurance Scheme for Non- Academic Staff (PASNAS) is currently a Final Salary Defined Benefit pension scheme. If the proposals go ahead, PASNAS will close on 31 July 2018 and members will instead be offered membership of a Defined Contribution arrangement from 1 August 2018.
There will be no change to the benefits members have already built up to the date of proposed change.
Full details of the proposed changes have been provided to members/eligible members of the scheme in a consultation guide sent out by email and post this week (8 – 12 January).
PASNAS members can attend one of the following briefing sessions held by pensions experts, Mercer to find out more about the proposed changes.
| Date | Time | Location |
| Wednesday 17 January | 13:00 – 14:00 | NOCS |
| Thursday 18 January | 09:00 – 11:00 | WSA |
| Thursday 18 January | 13:00 – 14:00 | SGH |
| Friday 19 January | 09:00 – 11:00 | Avenue |
| Monday 22 January | 09:00 – 11:00 | Highfield 29/1101 |
| Monday 22 January | 13:00 – 14:00 | Highfield 54/4011 LT4A |
Why is this happening?
- The costs of PASNAS have risen in recent years and are likely to continue to increase in the future
- Increasing life expectancy means that more money is needed as pensions are being paid over a longer period of time.
- Historically low interest rates are limiting the investment returns, meaning that more money is required to pay pensions in the future.
This reflects the position of pension schemes nationally where many employers have moved away from defined benefit pension schemes as they have become unsustainable.
If you are a member of PASNAS and have not received a consultation guide via email or in the post, please contact your line manager, or email [email protected].
If you would like further information, please look at the PASNAS Consultation section on the Finance Department Intranet site.
All SUSSED posts on pensions can be found here.
