A consultation on a proposed change in member contributions to the University of Southampton Pension & Assurance Scheme for Non-Academic Staff (PASNAS) will start on Wednesday 6 July 2022.
Why is this happening?
In May we told you that the latest PASNAS scheme valuation is currently underway. In common with many similar pension schemes, the valuation of PASNAS shows that more money is needed to fund the benefits that have already been built-up.
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.
What will happen during the consultation?
The 60-day consultation starting on 6 July is an opportunity for members to consider options put forward for the future of the pension scheme and they will be invited to share their views. The University will take members views into consideration before making its final decision.
How can I find out more about this?
A series of briefings held by Pensions expert, Brendan Mulkern will run through July to explain the financial pressures on the scheme, describe the planned changes and the effect of them on members and highlight the way that views and comments can be made on the proposals.
Group presentations
| Date | Time | Where – all Teams links are on Eventbrite | Book using Eventbrite |
| 8 July | 10:00 – 11:00 | Teams
|
Eventbrite |
| 11 July | 11:00 – 12:00 | Teams | Eventbrite |
| 11 July | 15:00 – 16:00 | Teams | Eventbrite |
| 12 July | 09.30 –10:30 | Teams | Eventbrite |
| 14 July | This has been cancelled and will be rescheduled | ||
| 14 July | This has been cancelled and will be rescheduled | ||
| 14 July | This has been cancelled and will be rescheduled |
A pack of information, outlining how responses to the consultation can be made, will be posted to all PASNAS members.
Queries about the consultation can be emailed to [email protected].
