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Finance, Planning and Analytics

PASNAS: Leaving PASNAS

What happens if I leave PASNAS before I retire?

You will be treated as leaving PASNAS if your pensionable employment ceases or if you choose to withdraw from PASNAS while remaining in pensionable employment.If you have achieved two year’s qualifying service you will be classed as a Deferred member of the scheme. If you leave the Scheme with less than two years’ qualifying service you will be able to transfer the pension to another pension provider or receive a refund (minus tax) of the non-Salary Sacrifice contributions.

Can I take a refund of my contributions?

If you have less than two years' qualifying service, you can either take a refund of the contributions you have made to PASNAS, less tax and your share of the cost of buying you back into the State Second Pension (S2P). If you make pension contributions through Salary Sacrifice and have less than two years' Qualifying Service you will only be entitled to a refund of the non Salary Sacrifice contributions.

Can I leave my benefits in PASNAS until retirement?

If you have two years’ qualifying service a benefit can be left with PASNAS. During the period between leaving the scheme and reaching age 65 or state pension age, if increased, your deferred benefits will be increased annually in line with increases in the Consumer Prices Index.

What happens if I die in deferment?

If you die before payment of your deferred pension commences, a Dependant's pension will be payable equal to one half of your deferred pension. The provisions for payment of this pension, and of children's pensions, are similar to those described for death in service (see Death Benefits section). A refund of your contributions to the Scheme with interest of 3% per annum compound is also payable.

Can I take my retirement benefits before my Normal Retirement Date?

You may, with the consent of the University, request the payment of your benefits at any time after age 55. If you do this, the value of your benefits may be reduced to reflect the fact that you are being paid before the Scheme’s Normal Retirement Age.
You might also be able to receive your deferred benefits immediately if you satisfy your employer and Trustees that you are likely, due to ill health, to be permanently incapable of undertaking any paid work. Please see the Ill Health and Temporary Absence section.

Can I transfer my deferred benefits to another pension arrangement?

It may be possible for you to transfer the benefits to an alternative pension arrangement. Please note that if you would like to transfer the benefits and you are within 1 year of reaching age 65, you will require the permission of the Trustees. Further details are available from the Pensions Office.

How is the transfer payment calculated?

This is calculated in accordance with the guidance from the PASNAS scheme actuary.
Note: Within six months of leaving PASNAS, you will be sent a statement showing your deferred benefits and listing the options available to you.

Keeping in touch with your benefits

If you leave the University with entitlement to deferred benefits, you should make sure that you notify the Pensions Office of your current contact details and address.

 
pensions@soton.ac.uk

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