About The Scheme
Careers in the housing association sector can be personally satisfying because you can make a genuine difference to people's lives.
Rapid growth in the sector, as it takes over from local authorities as the main provider of social housing, has brought thousands of new job opportunities. Supporting the expansion has been the availability of a formal pensions structure in which the Social Housing Pension Scheme (SHPS) remains the leading provider, serving more than 50,000 members and pensioners and over 700 different housing groups.
A key advantage of SHPS is that it allows you to switch between participating employers without any loss of pensionable service, clearing the way for you to follow your own career path, without losing out, and therefore helping to spread knowledge and experience throughout the sector.
The Scheme offers members a wide range of benefits including:
A Pension Based On A Member's
Salary At Or Close To Retirement |
Life Assurance Cover |
Dependant's Pension Benefits (Survivor's & Children's Pensions) |
Ill-health Pension Benefits |
Age-related Contribution
Bands For Employees |
The scheme is contracted out of the additional State pension (the State Second Pension Scheme - formerly SERPS), so both members and employers pay lower National Insurance contributions.
Eligibility Criteria
Please note: There is eligibility criteria for joining SHPS, it is only available to organisations that are affiliated to any one of the following:
-
Community Housing Cymru
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The National Housing Federation;
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The Scottish Federation of Housing Associations; or
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The Northern Ireland Federation of Housing Associations.
As a multi-employer scheme SHPS offers employers a number of advantages over a separate stand alone scheme:
- Administration costs are shared between all participating employers, allowing employers and their employees to benefit from a range of services at a low cost.
- Straightforward compliance with the accounting standards FRS17 & ISA19 , as multi-employer schemes are able to take advantage of greatly reduced reporting requirements.
- An elected committee deals with the funding and policy issues of the Scheme.
- The Scheme assists recruitment and retention of staff by providing a vehicle that allows continuity of service for members making a career in the social housing sector.
- Employers offering the Social Housing Pension Scheme to members can do so with minimal resource impact. All an Employer is required to do is to collect and pay monthly contributions and tell the administrators about joiners, leavers and changes in employee hours and earnings. The administrators (The Pensions Trust) will do all the rest.