A defined contribution (DC) scheme will be introduced to all members of the Social Housing Pension Scheme on 1 October 2010.
Administered by The Pensions Trust, the scheme serves more than 60,000 members and 700 different housing groups within the National Federation of Housing Associations and Housing Corporation.
To date, 208 employers have opted to offer the new DC arrangement to their staff. Since April 2010, a choice of five pension structures have been available to scheme members: three final salary arrangements with a 1/60th, 1/70th or 1/80th accrual rate, and two career average revalued earnings (Care) schemes with a 1/60th or 1/80th accrual rate.
Before the scheme is launched in October, an online system will be available for members to learn more about the scheme through calculators, animations and instructions regarding DC membership. It also includes links to all the relevant forms and to other sources of DC education material.
Colin Small, chair of the SHPS pensions committee, said: “Launching the new DC website means members and employers now have access to a much wider range of tools and services which will help them manage and understand their pension more effectively.
“Over 3,000 new members enrolled into SHPS in the year to 30 June 2010 and we expect this growth to continue with the introduction of the DC structure from October 2010.
“The development of this website continues to reflect our commitment to members, and helps further position the scheme at the forefront of pension schemes for the social housing sector.”
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