The legal deed to close the Scheme has been finalised and signed. Copies of the deed are available to employers on request.
The closure deed makes the following key changes:
- No new benefits will be built up in the Plumbing & Mechanical Services (UK) Industry Scheme after 30 June 2019.
- All members actively contributing on 30 June will be entitled to preserved pensions in the Scheme, which will continue to increase in line with the Scheme’s rules and legislation.
- The death in service lump sum will no longer be payable.
- The employer “lock-in” rule which prevents an employer ceasing to be a Participating Employer without the Trustee’s consent will be extended to 31 December 2019.
Employers are kindly asked to send their final pension contributions and member information to the Scheme as quickly as possible and by 31 July 2019 latest. The Scheme cannot accept contributions for any period of employment after 30 June 2019.