With a number of pension scheme options available to housing associations, it can be hard to review pension provision and work out whether you are making the right choices.
The housing sector is dominated by two pension schemes:
- The Social Housing Pension Scheme (SHPS) – a private sector, industry-wide scheme administered by The Pensions Trust with several defined benefit sections and one defined contribution section.
- The Local Government Pension Scheme – a public sector scheme consisting of 99 regional funds, each run by a local authority. The benefits and member contributions payable are set out in government regulations.
However, some housing associations use:
- The Growth Plan, run by The Pensions Trust
- A group personal pension or stakeholder plan
- A master trust DC scheme
- A bespoke occupational pension scheme, which may be defined contribution or defined benefit.