PASNAS members were recently invited to take part in a consultation process, seeking feedback on proposed changes to the pension scheme. The proposed changes aimed to provide a solution to address increases to the expected cost of future service benefits, identified as part of the regulatory triennial valuation process.
The consultation ran from 6 July 2022 – 16 September 2022 and we are grateful to all those who submitted their views. All feedback has been read and carefully considered and the proposed changes revised accordingly. The revised changes have now been agreed by the University, as primary employer and the Trustees of the scheme.
Full details of the agreed scheme changes, plus a reminder about the consultation, can be found on the Pensions webpage. Members will receive a copy of the consultation outcomes letter by e-mail w/c 31/10/22 and the same information will be posted out to their home addresses w/c 7/11/22 to ensure all members are updated with the latest changes.
The agreed changes, as quoted in the member letter, are as follows:
- Any benefits you accrue from the 1 January 2023 will have a retirement age of 66. You should note that this change will not affect the retirement age attached to the benefits you have already accrued in the scheme up to 31 December 2022.
- Your current contribution rate will remain the same at 7.2% of salary and will not increase.
- From the 1 January 2023 the University will contribute more towards your future benefits, and also make substantial contributions to the scheme deficit and to scheme expenses.
- The scheme will remain final salary in design, and you will continue accruing benefits in the scheme based on 1/80th of your pensionable salary for each year of service (with three times this amount as a lump sum). It is emphasised; the change proposed in the consultation to the rate of pension accrual, to 1/85th of pensionable salary, will not be made.
These will be implemented with effect from 01/01/23.
Queries about the outcome of the consultation can be emailed to [email protected].
