Reviewing your housing association pension provision

Home › Not For Profit › Pension services for housing associations › Reviewing your housing association pension provision

Many housing associations are unsure about the pension choices they make

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.

How can First Actuarial help?

We have many years of experience advising housing associations on how to manage their pension provision – from full pension strategy reviews to smaller, more focused projects.

If you use the SHPS, we can help you understand:

  • The costs and risks of participating in each section
  • The implications of any changes you may be considering, such as changing the levels of benefit offered to staff, closing SHPS to new entrants or leaving SHPS completely
  • How and when termination debt will be triggered, and what you can do to avoid it.

If you use the LGPS, we can help you understand:

  • Your admission agreement with the administering authority
  • Funding strategies and termination debt policies of your regional LGPS
  • Costs and risks of participating in the LGPS

Why choose First Actuarial?

First Actuarial has highly experienced consultants who specialise in housing association pensions.  We understand the benefit structures and legislation involved in the sector.

With our experience of other housing associations, we can give you guidance on actions that other employers in the sector are taking.

We offer good value for money and fixed fees so you plan your costs in advance.

Get in touch

Get in touch with one of our housing experts to discuss how we can help you.

I'd like to find out more about your housing association services

First Actuarial are very approachable. They’re good at helping managers and Board members digest a very difficult area, and they’ve also been proactive in helping us shape an innovative solution.

– Paul Richmond, Group Director of Finance and Resources, Watford Community Housing

Make sure you’ve got the right pension information in place

Make sure you’ve got the information you need to monitor your pension arrangements. First Actuarial’s firstwatch service provides an affordable package of essential pension resources for Housing Associations.

I’d like to find out more about firstwatch

Get an up-to-date picture of FRS 102 results and assumptions

First Actuarial’s FRS 102 survey 2022 is out.

Read the biggest Defined Benefit survey in the UK social housing sector.

Download the survey

First Actuarial case studies

Aster Group

First Actuarial supported Aster Group’s financial wellbeing programme with a bespoke Retirement Planner, webinars and one-to-one sessions.

Read More...

Bromford

First Actuarial partnered with Bromford housing association to improve financial wellbeing, with presentations and one-to-one sessions.

Read More...

Watford Community Housing

With First Actuarial’s help, Watford Community Housing eliminated its LGPS cessation debt risk and refocused its funding on social housing.

Read More...
See all our case studies
© 2024 First Actuarial | Site By Punch Creative