The latest PASNAS scheme valuation is currently underway, administered by the appointed trustees.
A valuation is undertaken every three years to assess the financial position of the scheme. It has been identified that the deficit has increased since the previous valuation and that the cost of future service has also increased. Action will need to be taken to ensure contributions are sufficient to support the benefits built up and the University is progressing that. Action is also needed to address the cost of future service which is an issue to consider with the scheme’s active members.
The University is in early conversations with trade union representatives to discuss a number of options for the costs of future service. A full consultation of any proposed changes to contributions and/or benefits would take place for a minimum of 60 days before a formal decision is made, ahead the deadline for the completion of the valuation by the end of October 2022.
Pensions expert Brendan Mulkern has provided a comprehensive explanation of the PASNAS valuation its findings and some of the current options under consideration.
We will be providing briefing sessions for PASNAS members during the consultation phase, and will be sharing further details in the coming weeks.
