After over 40 years of providing good value low cost pensions to the UK plumbing industry, it has been decided that the Scheme will close to future benefit accrual on 30 June 2019.
This means that no-one will build up any new benefits in the Scheme after 30 June. Plumbing employers must auto enrol their employees into a different pension arrangement from 1 July onwards.
We are writing to active members to explain what closure means for their benefits in the Scheme. Scheme closure does not affect members already receiving a pension or with a deferred pension that has not yet started.
The Scheme is in a really good financial position with enough money to pay all the benefits members have already built up. We plan to write to all the Scheme’s members over the summer with an update on the Scheme’s latest financial assessment.