How do I join?
If you are a full time member of staff, you will automatically be entered
into the scheme. If you work part time you will need to contact the pensions
department for an application form.
What if I previously
opted out?
If you previously opted out and now wish to re-join, membership is at
the discretion of the trustees. Please contact the pensions department
for an application form.
What does it cost?
You pay a contribution of 6.25% of your salary, but get tax relief at
your highest rate and also pay lower national insurance contributions,
so the net cost to you is much less than this. The University pays an
employer contribution of 18.15%.
Can I opt out?
Yes, you can opt out as membership is not compulsory. If you have less
than two years in the scheme when you opt out you will get a refund of
your contributions, minus a deduction for tax and national insurance.
Please note that if you have contributed to the scheme via Pensions+ we are unable to offer you a refund of your contributions after 3 months.
Remember, if you are no longer a scheme member you will not be covered for the death in service lump sum or dependent’s pension benefits.
What are AVCs?
AVCs are additional voluntary contributions and you can pay them either
as a lump sum or as a monthly payment. Paying AVCs will either secure
additional service in the scheme (added years) or build up a fund at retirement
which can be used to provide extra pension or extra lump sum (money purchase
AVCs). For more information
on AVCs look at our booklet on this site, or contact the pensions
department.
Can I transfer benefits
from a previous pension scheme?
Yes, we can usually accept transfers from most approved pension arrangements,
as long as the transfer value from the previous scheme is more than £1000.
Your fund will be used to buy extra pensionable service for you. To investigate
a transfer, please complete a transfer
enquiry form and return it to the pensions department.
How do I know what benefits
I will get from the scheme?
Each year usually in about June or July, we issue an annual benefit statement
which shows your estimated benefits at age 65 based on your pensionable
salary as at 31 March.
What happens if I leave the University?
We will calculate the benefits you have built up in the scheme up to your
leaving date. If you have less than two years’ membership you will be
sent a refund of your contributions, but you will also have the option
of a deferred pension or a transfer value. If you have over two years’
membership, we will issue you with a deferred benefit statement or you
can investigate a transfer to a new pension scheme.
What if I have unpaid
maternity leave?
You should contact the pensions department when you return from maternity
leave and we will calculate the arrears of member contributions for the
period of unpaid absence. The University will pay the employer’s contributions
if you maintain the employee’s contribution.
Can I retire early?
Normal retirement age in PAS is 65. However, if you have more than five
years’ pensionable service you may be able to retire from age 60 if the
University approves it. There will be no early retirement reduction
applied in this situation.
If you apply to retire before age 60, there will be an early retirement
reduction.
Will my pension increase?
Pensions in payment increase each April in line with the Pensions Increase Order. Historically this increase has used the increase in the Retail Prices Index, (RPI). With effect from 1st April 2011 the index is the Consumer
Prices Index, (CPI). rates of increase are as follows:
| Historical rates of interest | |
| 10 April 2006 | 2.7% |
| 9 April 2007 | 3.6% |
| 7 April 2008 | 3.9% |
| 6 April 2009 | 5.0% |
| 12 April 2010 | 0.0% |
| 11 April 2011 | 3.1% |
How long will my pension be paid
for?
Your pension is payable for your lifetime, and on your death there will
be a spouse’s or adult dependent’s pension payable.
What if I am not married?
If you are not married, a pension may still be paid to a dependant (regardless
of sex) when you die. This applies whether you die in service or in retirement.
A dependant can be registered as your beneficiary but payment of your
benefits to this person is at the trustees’ discretion.
Who should I contact if I have
a query?
Please contact
the pensions department – we’ll be happy to help