Your contribution will be 7.2% of your pensionable salary. However, the effect on your take home pay should be less than this as contributions are deducted from your pay before tax (gross pay), giving you automatic tax relief.
Current legislation allows a minimum retirement age of 55; however, pension benefits would be reduced if you retired at this age. The scheme’s Normal Retirement Age is 65. At this age you can receive your pension benefits without reductions.
However, you may receive any pension benefits accrued prior to 1st October 2010 unreduced from age 60.
Please contact the Pensions office for more information: pensions@soton.ac.uk
PASNAS is a "Defined Benefit" scheme. This means pension benefits are calculated using a set formula. The calculation uses the service you have accrued within the scheme and your pensionable salary at your leaving date.
You have three benefit options when you retire, as follows:
PASNAS rules allow members of the scheme to continue in employment whilst drawing part of their pension. This is called Flexible Retirement. A member of the scheme may be paid between 20% and 80% of their pension providing they reduce their working hours by a minimum of 20%. Members of the scheme are allowed a maximum of 3 flexible retirement events. The third event must result in the member’s full retirement and 100% of pension benefits being in payment.