Better For Members
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Want To Know More
About What The Scheme Offers For Members?
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The Social Housing Pension Scheme (SHPS) is a highly flexible scheme that provides security for employees and their families at affordable cost.
A good pension scheme is important to most new employees. SHPS will aid staff recruitment.
The Scheme also aids staff mobility because employees can move to other participating employers and stay in the same pension scheme. With more than 700 social housing sector organisations in membership, SHPS is like one large family. Economies of scale bring running costs down, benefiting employer and employees alike.
Pensions can be taken from the age of 50 up to 75, although the starting age will increase to age 55 from 2010 as a result of legislation.
Employees can opt for a tax-free lump sum as part of their package – and consequently a lower pension – and there are death benefits to provide for their families.
After retirement, pensions will continue to grow in line with inflation, up to a maximum of five per cent per year, with full inflationary increases being paid if considered affordable.
Given the publicity over pension funds in financial difficulty, it is reassuring to know that SHPS is administered by The Pensions Trust, which is the UK’s main specialist in providing pensions in the not-for-profit sector.