The first employer debt estimates will be issued next week (from 4 February 2019). This is a week later than planned because the Actuary has taken into account all employer and member updates notified to us in recent months to ensure debts are fair and accurate. Debt estimates will be issued in phases between 4 February…
The Trustee Directors have recently agreed a Rule change with the Association (APHC), the Federation (SNIPEF) and the Union (Unite). The rule change extends the period to 30 June 2019 when no Participating Employer can cease to participate in the Scheme or be discharged from their past, present or future obligations under the rules without the…
DWP has published its White Paper on protecting defined benefit pension schemes. The government doesn’t intend to make any changes to the employer debt provisions for multi-employer pension schemes because: if it made changes to help the Plumbing Pensions Scheme it would apply to all 1000 last man standing multi-employer schemes; it is not willing…
The government has released the final regulations for the new Deferred Debt Arrangement easement that comes into effect from 6 April 2018. In essence the easement allows an employer to exit the Scheme and defer the section 75 employer debt that would have otherwise been triggered. Employers who use this easement will remain responsible for…
A second consultation about calculating section 75 employer debts has begun. The consultation will run to 30 April 2018. There are employer information sessions in Belfast on 12th of March, Edinburgh on 14th of March and Manchester on 16th of March. If you wish to attend an event, you must register in advance here. Check…
The Trustee Directors have recently agreed a Rule change with the Association (APHC), the Federation (SNIPEF) and the Union (Unite). The rule change means that for the period up to 31 December 2018, no Participating Employer can cease to participate in the Scheme or be discharged from their past, present or future obligations under the…
The Trustee has finally received Scottish Counsel’s opinion on the section 75 employer debt calculation methodology. The Trustee is reviewing Scottish Counsel’s opinion and aims to share the details with all the affected employers as part of a consultation on the calculation methodology that will likely begin in February 2018. The consultation is likely to…
The Scheme has today sent by recorded delivery letters to employers who have participated in the Scheme and according to the Scheme’s records have triggered a section 75 employer debt. If you receive a letter and require addtional information please get in touch with the Administration Team for support. Or if you disagree with the…
The Pensions Regulator has come across a number of instances where employers had agreed to opt staff out of a workplace pension before they’d been enrolled. Whether your intentions are to make things easier for your staff or avoid paying into their pension scheme, the law is the same. They can’t opt out before you…
The Plumbing & Mechanical Services (UK) Industry Pension Scheme (the “Scheme”) has recently completed a buy-in with Legal & General. This involved exchanging nearly £570 million of the Scheme’s assets, primarily government and corporate bonds, along with cash raised by selling a small amount of UK equities, for a bulk annuity policy from Legal &…
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