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 offered deferred benefits based on career average earnings.
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 around 33,000 members. Full details of how the Scheme works can be found in our Scheme Guide. The Scheme ceased to be open to new members and benefit accrual from 30 June 2019.
The Plumbing Industry Scheme has a formal financial assessment called an actuarial valuation at least once every three years. The latest actuarial valuation was carried out as at 5th April 2020, and the Actuary found that the assets were enough to cover 99% of the Scheme’s liabilities, equating to a shortfall of £31 million. The Trustee and the Constituent Organisations agreed a Recovery Plan to eliminate the shortfall by November 2027.
The Scheme’s Annual Report & Accounts for the year ending 5 April 2021 can be found here.
An annual update issued in October 2020 can be found here.
Summary Funding Statement
The Scheme Trustee is required to provide members and beneficiaries with an annual summary funding statement providing information from the Scheme’s latest financial health check. The latest statement from spring 2021 can be found here.
You can find information about the Trustee’s investment policies and strategy here.