“It’s reassuring
to know that help is always at hand if required.
One telephone call or e-mail and the problem
is dealt with by the professional staff at
Plumbing Pensions.”
Employers
The Plumbing & Mechanical Services (UK) Industry
Pension Scheme is an industry-wide scheme for employers
in the plumbing and mechanical services in the United
Kingdom. The Scheme is a defined benefit scheme –
technically known as a career average scheme, it is
not a final salary scheme. Contribution rates are defined
in an agreed ratio between employees and employers and
provide a defined level of benefit (Pensions Credit)
based on annual earnings, which is revalued each year.
JIB Rules
The respective Joint Industry Boards for England and
Wales and Northern Ireland and Scotland have decided
that ALL EMPLOYERS in the Industry should operate the
Scheme (or an equivalent private scheme) and that all
plumbing operatives and apprentices under Normal Retirement
Age should AUTOMATICALLY join the Scheme, subject only
to the rights of an individual operative or apprentice
to opt-out of such membership.
Eligibility
Membership of the scheme is not restricted to plumbers
as many people believe, it is in fact open to ALL employees
within the industry, including office staff and other
trades employed by a plumbing company. If you are employed
within the Industry, aged 16 or over but are under age
65 then you are eligible to join the Scheme. Membership
is not open to the self-employed, it can however include
directors if firm is "limited".
Contributions
The regular level of gross contributions payable are
3.75% of all earnings for an employee and 7.5% for the
employer. As the scheme is contracted-out of the Second
State Pension Scheme lower National Insurance Contributions
are payable which, together with tax relief on scheme
contributions, means that the net rate payable becomes
considerably less.
Higher Benefits
For Key Employees
Although most scheme members pay the basic rate of contributions
there is the facility available for employers to arrange
payment of contributions at a higher level for key employees.
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Download our Higher Benefits brochure (pdf).
