Following careful consideration of all the feedback submitted by colleagues as part of the PASNAS consultation, the University has decided to increase member contributions from the current 6.35%, to 7.20% of members’ pensionable salary from 1 January 2020.
Employer contributions will also rise from the current 17.25%, to 18.95% of members’ pensionable salary from 1 January 2020.
There will be no changes to the benefits of PASNAS. This decision was ratified at the University Council meeting which took place on 25 September.
As communicated during both the 2018 and 2019 consultations, the costs of defined benefit pensions are rising, and this could potentially mean that the University and PASNAS members may have to pay higher contributions to maintain the same level of benefits in the future. The next triennial valuation process will commence on 31 July 2021 and we expect to be able to communicate the results in the autumn of 2022.
An email was sent to all members of PASNAS to inform them of the outcome of the consultation on Friday 11 October, as well as a physical copy of the information posted to their home address.
For further information please visit:
SUSSED post on PASNAS consultation
