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  “To me, Plumbing Pensions makes for confidence in retirement as the standard State Pension is not sufficient to provide money to retire on.
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About the scheme

The Plumbing and Mechanical Services (UK) Industry Pension Scheme was set up in 1975 with the aim of providing pension benefits for all employees of firms engaged in the Industry in the United Kingdom. The Scheme offers deferred benefits based on career average earnings.

The Scheme is governed by a Deed set up under Trust Law and operated and administered by a Trustee Company, Plumbing Pensions (UK) Ltd, whose Directors are drawn from the following industry bodies:

  • The Association of Plumbing and Heating Contractors (APHC)
  • The Scottish and Northern Ireland Plumbing Employers Federation (SNIPEF)
  • Unite the Union

The scheme currently has more than 400 contributing employers and membership totalling over 36,000. All employees receive full tax relief on contributions paid, whilst employers' tax relief is calculated on an individual basis. Full details of how the Scheme works can be found in our 'Scheme Guide'. The Scheme can no longer accept new employers.

2014 Actuarial Valuation

The Plumbing Industry Scheme has a formal financial assessment called an actuarial valuation at least once every three years.  The latest actuarial valuation was carried out as at 5 April 2014, and the Actuary found that the assets were enough to cover 101% of the Scheme’s liabilities.

As part of the 2014 actuarial valuation, the current rates of both the employer and employee contribution rates were reviewed to check they were appropriate for meeting the costs of providing benefits in respect of future years’ service.  Following this review, the Actuary recommended an increase to the employer and employee contribution rates for all membership categories.  A period of employer and employee consultation on the proposals took place in the autumn of 2015.  The first contribution rate increase takes effect from April 2017.


Annual update

The Scheme's financial Annual Report & Accounts for the year ending 5 April 2016 can be found here.

The 41st Annual Report to Members can be found here.  An abbreviated annual member update issued in October 2016 can be found here.

Summary Funding Statement

The Scheme Trustee is required to provide members and beneficiaries with an annual summary funding statement providing information from the Scheme's latest financial health check. The latest statement from October 2016 can be found here.

Investment Strategy

You can find information about the Trustee's policies and investment strategy, including a summary of the types of assets the Scheme is invested in, in the latest Statement of Investment Principles.

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