About your pension (pensioners) | Plumbing Industry Pension Scheme

About your pension

Back to overview
Pension increases

Different increases apply to different parts of your pension depending on when they were built up in the Scheme (‘accrued’). The table below shows how the different pension increases are calculated: 

Pension accrued before 6 April 1997No increases
Pension accrued between 6 April 1997 and 5 April 2005Consumer Price inflation capped at 5%
Pension accrued from 6 April 2005
Consumer Price inflation capped 2.5%

Further pension increases may be granted at the discretion of the Trustee, after taking actuarial advice and with regard to the financial impact on the Scheme.

If you built up pension in the Scheme between April 1978 and April 1997, you may have a Guaranteed Minimum Pension (GMP). Different pension increases set by the Government apply to GMP pensions. 

Pension increases are awarded on 1 May each year. The administration team will write to you in April, to tell you about any increase that will be applied to your pension for the year ahead.

If you are receiving a dependant’s pension, it will also increase in payment in the same way as member pensions.

Pension payments

Your pension is paid on the 1st of the month into a bank or building society account of your choice. If the payment date is a weekend or bank holiday, your pension will be paid on the previous working day. If you wish to tell us about a change to your bank details, please request the relevant paperwork through our general query form here.


Your pension is taxed as income under the PAYE system. Tax is deducted by the administration team based on the tax code issued by His Majesty’s Revenue & Customs (HMRC). We will send you a payslip once a year to show your current pension after any increase has been awarded, and your tax code. We will also send you a P60 every year.

The administration team can’t help you with any tax-related enquiries because your tax affairs are a personal matter. 

If you have a question about the amount of tax that’s deducted from your pension or you think your tax code might be wrong, you will need to get in touch with the tax office directly.

Phone: 0300 200 3300
Scheme tax reference number: 961/7455389

Help with tax

If you’re on a low income (up to about £380 a week), you may be able to get free professional tax advice. Tax Help for Older People is a charity service providing free, independent and expert help and advice for people aged over 60 with an annual income of less than £20,000 who cannot afford to pay for professional tax advice. You can call them on 01308 488066 or visit their website at https://taxvol.org.uk.

Living overseas

Every two years, the Scheme will contact members and dependants living overseas in receipt of a pension to check that the personal details we hold for them are correct. This helps to prevent fraud and ensure that pension payments continue to be made only to those individuals who are entitled to them under the Scheme Rules. 

If you live overseas and we have asked you to complete a form, please enter your details here.

Small pensions

If you have a small pension, you may be able to exchange all your Scheme benefits for a single cash lump sum provided: 

  • The total value of all your retirement savings, including benefits in other pension plans, is less than £30,000; or
  • The total value of your benefits in the Scheme is less than £10,000.

You will have to pay tax on some of the money you receive. Please contact us for more information about this option.