"To me, Plumbing
Pensions makes for confidence in retirement
as the standard State Pension is not sufficient
to provide money to retire on. I recommend
it to all in the Plumbing Industry."
About the scheme
The Plumbing and Mechanical Services (UK) Industry Pension
Scheme was set up in 1975 with the aim of providing
pension benefits for all employees of firms engaged
in the Industry in the United Kingdom.
The Scheme is governed by a Deed set up under Trust
Law and operated and administered by a Trustee Company,
Plumbing Pensions (UK) Ltd, whose Directors are drawn
from the following industry bodies:
The Association of Plumbing and Heating
Contractors (APHC)
The Scottish and Northern Ireland
Plumbing Employers Federation (SNIPEF)
Unite the Union
The scheme currently has more than
660 employers and out of an employee membership totalling
over 37,000, there are 6,700 who are actively contributing.
2009 Actuarial Valuation
At a recent meeting of the Board of Plumbing Pensions
(UK) Ltd (the trustee of the Plumbing and Mechanical Services
(UK) Industry Pension Scheme), the Directors were pleased
to approve the latest actuarial valuation of the Scheme
as at 5 April 2009. In spite of difficult investment conditions
since the time of the previous report in 2006, the valuation
showed that the Scheme was still fully funded (with no
deficit on an ongoing basis).
Secretary and Pensions Manager, Robert Burgon commented
that “this is an excellent outcome which shows that
the Scheme continues to be in good shape and that we have
sufficient assets to meet our liabilities”.
Summary Funding Statement
The Scheme Trustee is required to provide members and
beneficiaries with an annual summary funding statement.
The latest statement (which refers to the 2009 actuarial
valuation) can now be viewed by clicking on “Summary
Funding Statement”.
A further statement will be produced later in the year
providing an update as at 5 April 2010 and this will be
issued to all members and beneficiaries.
We currently operate a pension scheme open to all employees
within the industry (not just plumbers), offering benefits
based on career average earnings. The present minimum
contribution rates are 3.75% of total gross earnings for
employees and 7.5% for employers although in real terms
with tax relief and reduced National Insurance contributions
the net contributions are considerably less, depending
on salary this can be as low as 1.7% for employees and
3.2% for employers.
With effect from September 2008 the Scheme has revised
the explanatory booklet "Your guide to the Plumbing
Industry Pension Scheme" should you wish to
view the revised edition please click on the link below.
