Answers to questions raised in recent briefing sessions about the PASNAS consultation are now available on the Frequently Asked Question (FAQ) section of the Finance Intranet site.
All the questions from the briefing sessions, as well as those sent directly to independent pension advisors, Mercer are recorded and considered as part of the consultation process.
The next PASNAS briefing sessions are below:
We encourage you to register on Eventbrite (by clicking on the location) to help the Finance Department with numbers and please bring your ticket with you to the event. Each session will involve a presentation by Mercer, followed by a question and answer session. Members of the University Finance Department will also be present.
| Date | Time | Location |
| 8 February 2018 | 18:00 – 19:00
Anyone is welcome to attend this session, but it is targeted at staff who are unable to attend sessions between 09:00 and 17:00. |
Highfield Campus, 46/3001 (LT A) |
| 9 February 2018 | 08:30 – 10:00
Anyone is welcome to attend this session, but it is targeted at staff who are unable to attend sessions between 09:00 and 17:00. |
Highfield Campus, 02A/2065 (LT H) |
| 9 February 2018 | 11:30 – 13:00
|
Highfield Campus, 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.
Joint statement from the University, Unite and Unison:
“The PASNAS consultation was launched on 12 January for all members and eligible members of the PASNAS scheme. Alongside the member & eligible member consultation, the University has commenced consultation with the campus trade unions. A series of meetings has been arranged throughout the 60 day consultation period. The University has set out the proposed changes and the reasons those changes have been proposed. The unions have made a formal submission which the University will be considering as part of the consultation process. Both the University and the trade unions are committed to constructive dialogue during the process.”
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 the 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 between 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.
