The Trustee manages the day to day operations of the Plumbing & Mechanical Services (UK) Industry Pension Scheme (the “Scheme”) and is made up of employer and union representatives and two professional pension trustees.
The Trustee is considering whether to close the Scheme to future benefit accrual from 30 June 2019.
If the Scheme closes to future benefit accrual, the Scheme will continue to pay benefits earned before 30 June 2019 but:
- Employees will not build up any further benefits or pay any further contributions to the Scheme after 30 June 2019. No new members will be able to join the Scheme. This is called ‘closing the Scheme’.
- There will be certain other changes to the death benefits payable from the Scheme, as summarised in the key benefit changes section.
- Employers must auto enrol employees into an alternative pension arrangement that, if applicable, meets the Joint Industry Boards’ National Working Rules.
Please read this carefully because it contains important information about what would happen to your benefits in the Scheme if the closure goes ahead.
You should also read the information from your employer about the alternative pension arrangement they plan to use if the Scheme closes.