SNIPEF “pleased” industry pension scheme is to close

SNIPEF “pleased” industry pension scheme is to close

Following the announcement by Plumbing Pensions (UK) Ltd that the Plumbing & Mechanical Services (UK) Industry Pension Scheme will close to future benefit accrual on 30 June 2019, Scottish & Northern Ireland Plumbing Employers’ Federation (SNIPEF) CEO Fiona Hodgson has stated: “We are extremely pleased the Trustee and Constituent Organisations (SNIPEF, APHC and Unite the Union) have agreed to close the Industry Pension Scheme to future accrual at the end of June.

“Throughout the consultation process [which began in 2018] SNIPEF has engaged with our members to ensure their views are represented while providing detailed guidance on the proposed changes to ensure they are fully informed.

“SNIPEF has supported closing the Scheme to future accrual as the best course of action because the required future contributions for continued benefit accrual are unaffordable, both for the employers and employees. While closing the Scheme does not remove the issue of Section 75 Employer Debt legislation, particularly for those employers who have already triggered a debt, it does help employers avoid triggering a debt in the future particularly where they have few remaining employees in the Scheme.”

The impact of Section 75 has the potential to be devastating for local businesses and the wider community and SNIPEF has been lobbying Government for some time to get the legislation changed.

“Moving forward, SNIPEF will continue to work with and support our members to ensure they are fully prepared for the Scheme closure.”

www.snipef.org

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