After over 40 years of providing good value low cost pensions to the UK plumbing industry, it has been decided that Plumbing Pensions will close to future benefit accrual from 30 June 2019. This means that no-one will build up any new pension benefits in the Scheme after 30 June. Plumbing employers will need to auto-enrol their employees into a new pension arrangement from 1 July onwards.
Employers will receive a booklet with important information about the actions they need to take now. The booklet will be emailed and posted to the key contact we have on file for each employer.
Employers should note that withdrawing all employees from the Scheme while it remains open would trigger an employer debt which could have serious financial consequences for your business. Legislation does not allow the Trustee to enter into Deferred Debt Arrangements (DDAs) after 30 June 2019. Employers that have triggered a section 75 employer debt and wish to use the DDA easement should contact the Scheme. Further information on employer debts can be found here.