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| Benefit | PAS |
| Employee contribution rate | 6.25% |
| Employer contribution rate | 18.15% (reviewed every 3 years) |
| Eligibility | Between ages 18 and 59, with an employment contract of over 3 months |
| Benefits | Pension 1/80 x pensionable service x pensionable salary Plus Tax free lump sum 3 x annual pension On retirement you will have the option to take a larger tax free lump sum and a lower pension. |
| Normal retirement age | 65 – Your pension can be paid unreduced from age 60 if retirement is with University consent and you have more than five years’ service |
| Final pensionable salary | Your highest earning year out of the last three years |
| Ill health retirement Total incapacity Partial incapacity |
Must have over two years’ pensionable service,
paid at the discretion of the trustees. Two levels of benefit: are available: Benefits enhanced to age 65, capped at 40 years, or Pension based on service actually completed |
| Early retirement | Must be over age 50 (or over age 55 from 06 April
2010) and have completed five years’ pensionable service. With the consent of the University, benefits can be paid unreduced from age 60. An early retirement factor will be applied if you are under age 60 |
| Death in service | Lump sum of 3 x annual salary plus Dependant’s pension based on 50% of potential pension at age 65 (capped at 40 years) plus Child’s pensions |
| Pension increases | In line with the Pensions Increase Order. With effect from 1st April 2011, this uses the Consumer Prices Index (CPI). |
| Adult dependant’s pension | Payable to adult who is financially dependant (not necessarily related). |
| Additional voluntary contributions (AVCs) | Increase the value of your benefits by making additional payments. See more information on AVCs |
| Leaving service | If under two years’ pensionable service – refund of contributions,
deferred benefit or transfer value If over two years’ pensionable service – deferred benefit or transfer value |
| Payment of deferred benefits on retirement | Paid unreduced at age 60 if you have more than five years’ service. |