The presentation about the PASNAS consultation is now available on the Finance Intranet site.
The PASNAS consultation pack and frequently asked questions (FAQs) can also be found on the Finance Intranet site. These FAQs will be updated regularly with questions raised at the briefing sessions.
The next PASNAS briefing sessions
The briefing sessions on Monday 22 January are now full. Please see the table below for the next sessions where members/eligible members can hear about the PASNAS consultation. Please can you register on Eventbrite (click on the location) to help the Finance Department with numbers and bring your ticket with you to the event.
Please note that these sessions will run for about 1 – 1.5 hours, depending on the time needed for your questions after the presentation. You do not have to stay for the full 1.5 hours. Finance will be organising further sessions as the need arises.
| Date | Time | Location |
| Wednesday 31 January | 10:30 – 12:00 | Building 67, 1027 |
| Friday 9 February | 11:30 – 13:00 | Building 67, 1027 |
What is a consultation?
The consultation is a 60-day period from Friday 12 January 2018 to 13 March 2018 which allows members and eligible members to give their view on proposed changes to PASNAS.
What are the proposed changes?
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 were provided to members/eligible members of the scheme in a consultation guide sent out by email and post in the week 8 – 12 January.
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.
