The University has carefully considered all the feedback from the consultation and has decided to keep PASNAS unchanged for current members. This decision was ratified at University Council on 9 May.
As communicated during the consultation, a decision to keep the pension scheme the same may mean the University and PASNAS members have to pay higher contributions to maintain the same level of benefits.
However, the University has listened to feedback from members/eligible members and will delay any decision on any potential future rises to contributions until the outcome of the 31 July 2018 triennial valuation is known. This process will take between 9 to 15 months to conclude and we expect to write to members with further details in spring 2019.
New staff and eligible members
The University has decided to close the PASNAS scheme to new members as at 31 December 2018. All new eligible staff will be enrolled into the new Defined Contribution arrangement from 1 January 2019. If you are an eligible member for PASNAS but opted out of the scheme, you can request to join the new Defined Contribution arrangement from 1 January 2019.
A letter from the Chief Operating Officer, Ian Dunn has been both emailed and posted to PASNAS members/eligible members informing them about the outcome of the consultation.
