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The University of Southampton
Finance, Planning and Analytics

PASNAS: Payment of Pensions

How is my pensions paid?

Your pension will be processed by the University's Payroll section and paid monthly directly into your UK bank or building society account.

Will my PASNAS pension be increased after my retirement?

Yes. Pensions are reviewed in April each year. An increase may be applied, based on the CPI rate from the previous September. Your pension may be made up of the following elements:
Pre88 GMP - This element of your pension is not increased by PASNAS, but is increased by the government through your State Pension.

Post88 GMP - This element of your pension is increased by PASNAS by 3% or CPI, whichever is the lower.

The balance of your pension, (or all of your pension if you joined after 6th April 1997) is increased in line with the Consumer Prices Index or 5%, whichever is lower, for service achieved up to and including 30 September 2010.  From 1 October 2010 benefits will be increased by Consumer Prices Index or 2.5%, whichever is the lower.

Is my pension payable for life?

Yes, your pension will be paid to you until you die. If you die within five years of retirement, the balance of five years' pension payments will be paid by the Trustees on trust, and they will decide who receives the lump sum. The amount of this payment is called the five year guarantee.

If you are survived by a Dependant or Dependants, a pension will be paid to them from the date of your death.

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