PASNAS consultation starts today, Wednesday 6 July

A consultation on a proposed change in member contributions to the University of Southampton Pension & Assurance Scheme for Non-Academic Staff (PASNAS) starts today, Wednesday 6 July 2022.

Information for PASNAS members

A consultation pack has been sent in the post to all PASNAS members. If you haven’t received this by Monday 11 July, you can contact the Pensions Team by email on [email protected]. From Wednesday 6 July you will be able to access the same pack via the Finance webpages, under ‘PASNAS Consultation.’

The background

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 consultation starts today, Wednesday 6 July and will run for at least 60 days. It’s 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.

Briefing Sessions

A series of briefings held by Pensions expert, Brendan Mulkern will run in 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