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Finance, Planning and Analytics

PASNAS - Terms and meanings

Active Member

An employee who is actively paying PASNAS contributions. 

Dependent

Your legally married spouse (inclusive of opposite and same sex marriage), or

Your civil partner, as defined by the Civil Partnership Act, or

at the discretion of the Trustees may include:

Someone who was financially dependent or inter-dependent with you, or

Anyone (but not a child) who, in the opinion of the Trustees, is wholly or partly financially dependent on you whose maintenance or education you were contributing to when you died. 

Final Pensionable Salary

The annual average of the highest aggregate of any 36 consecutive monthly calculations of pensionable salary received (or the average over such shorter period as you have been in receipt of pensionable salary) throughout the ten years ending on the date which you cease to be in pensionable service; and

The highest aggregate of any twelve consecutive monthly calculations of pensionable salary you receive during the five years ending on the date on which you cease to be in pensionable service.

Pensionable salary figures are indexed in line with increases in the Retail Prices Index (RPI) up to the date of calculation of benefits.

Five Year Guarantee

The lump sum payable if you die within five years of retirement and which will be the balance of five years' pension payments.

GMP

Guaranteed Minimum Pension.

Normal Retirement Date

Your 65th Birthday.  (The scheme’s Normal Retirement Date will rise in line with future increases to the State Pension Age).

Pensionable Service

Your period of service in years and days as an Active Member of PASNAS and any further period credited to you by the Trustees (e.g. service credited by transfers from other schemes or AVCs).

Pensionable service will not include any period of service for which you received a refund of PASNAS contributions.

Qualifying Service

The aggregate of contributory service with the University and service credited from a ‘transfer in’ from a previous employer’s or a personal pension scheme.

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