The new University of Southampton Retirement Fund (USRF) will replace PASNAS as the pension scheme for new employees at Levels 1- 3 from 1 January 2019.
PASNAS will remain open for employees who are currently members of the scheme and there will be no change to their benefits. Anyone starting employment in a Level 1 – 3 position from 1 January 2019 will be sent details about joining the USRF.
What type of pension scheme is USRF?
The USRF is a defined contribution retirement scheme provided by Royal London and administered by the University for its employees. Life assurance and ill health benefits are also provided to members. The new USRF scheme provides a flexible defined contribution retirement scheme with a range of employee contributions between 0 and 6 per cent of pensionable pay. Scheme members can also make additional contributions above 6 per cent if they wish.
You can find further details about the scheme on the Finance website here.
Why is PASNAS being closed to new members?
The decision to close PASNAS to new members followed the University’s consultation with members in the spring of this year. The University undertook this consultation in order to provide greater certainty over future costs for both the University and for members.
The University considered all the feedback from the consultation, including feedback from our trade unions and decided to close PASNAS to new members but keep the scheme unchanged for current members.
For further information:
University announces outcome of PASNAS consultation
PASNAS consultation complete: an update from Ian Dunn
