Governance | Plumbing Industry Pension Scheme


When the Scheme closed, the Scheme’s governance arrangements were reviewed to modernise them and to establish a transparent and effective decision-making structure with clear lines of communication that avoided conflicts of interest. The current structure has been in place since 2022.


The Trustee Board has delegated some powers and responsibilities to the following sub-committees.

Audit, Risk & Governance Committee
Investment, Funding & Covenant Committee
Data Committee
Nomination & Remuneration Committee

Each sub-committee is chaired by an independent Trustee Director. The sub-committees meet regularly, report to the Board and ensure their key responsibilities are outlined in a Terms of Reference document, which is regularly reviewed.

Trustee training

The Pensions Act 2004 requires pension trustees to have sufficient knowledge and understanding to carry out their role effectively. The Trustee recognises the importance of good and timely training to ensure the Scheme is well managed. 

All the Directors have the knowledge and skills to carry out the role effectively. On appointment, new Directors receive induction training and key information about the Scheme. Ongoing training sessions are arranged as part of the programme of Directors’ meetings, which includes an annual training workshop. Records of training are kept for each Director. 

Directors receive a quarterly update of current issues relating to pensions and details of relevant training opportunities. All the Directors of the Trustee Company have completed the e-learning Trustee Toolkit developed by the Pensions Regulator. 

Conflicts of interest

A conflicts of interest policy is in place to help the Trustee identify, manage and monitor any conflicts of interest (actual or potential) which may arise in relation to the Scheme. 

On appointment, each Director completes a declaration of their conflicts of interest and these are recorded in a conflict of interest register which is reviewed quarterly and approved at least annually by the Board. Conflicts of interest is an agenda item at the beginning of each Trustee meeting to ensure that conflicts are noted, properly identified and managed as they arise. 


It’s very common for large pension schemes to pay their Directors. The Scheme pays the Directors an appropriate market rate, which is reviewed every year.