you are here -> Home : News Room : News Releases : The Pensions Trust Announces Improvements to the Social Housing Pension Scheme

The Pensions Trust Announces Improvements to the Social Housing Pension Scheme

Issued on: 9 August 2010

The Pensions Trust, the leading multi-employer occupational pension fund in the UK for the Third Sector, announces membership numbers for the Social Housing Pension Scheme (SHPS) have now reached 60,000.

Following the interim actuarial valuation, the Trust also announces that SHPS’s assets have increased to £1.92 billion, with liabilities increasing to £2.53 billion. The funding level has improved to 75.6% as at 31 March 2010 from 69.7% as at 30 September 2008, and the funding deficit has reduced to £619 million.*

Colin Small, Chair of the SHPS Pensions Committee said: “Unlike many defined benefit pension schemes SHPS is open to new employers and members. Reaching this membership level demonstrates both the continued commitment of employers to the Scheme and the value that employees in the sector place on SHPS membership.

“In addition, we have seen the Scheme improve its funding position, largely due to good investment performance of the Scheme’s assets, assisted by the payment of deficit contributions in accordance with the Scheme’s deficit recovery plan.”

Logan Anderson, Head of Customer Relations at The Pensions Trust, said: “Over 3,000 new members enrolled into SHPS in the year to 30 June 2010 and the Scheme has almost 25,000 active members. With the Scheme now offering the choice of five defined benefit options and from 1 October 2010, a defined contribution option, we expect membership to continue growing, reflecting SHPS’ position as the pension scheme of choice for the social housing sector in England and Wales. At The Pensions Trust, we are committed to providing the highest level of expertise and support to both existing and future scheme members and to the SHPS Pensions Committee in preparation for its next valuation.”

*SHPS has undertaken its interim valuation as at 31 March 2010. The key results of the valuation are summarised below (with corresponding figures from the triennial valuation as at 30 September 2008 shown for comparison):

- Assets of the Scheme have increased to £1.92 billion (£1.53 billion)
- Liabilities of the Scheme have increased to £2.53 billion (£2.19 billion)
- The funding level has improved to 75.6% (69.7%)
- The funding deficit has reduced to £619 million (£663 million)

For further information please click here.

This news release has been published in:

Social Housing
September 2010
'SHPS deficit drops to £619m in interim valuation'
Page 2

Third Sector Website
17 August 2010
'Money Matters'
www.thirdsector.co.uk

Third Sector
17 August 2010
'The Social Housing Pension Scheme has reached 60,000 members'
Page 6

Pensions Week
16 August 2010
'Money Matters'
Page 6

Inside Housing
13 August 2010
'Sector's pension fund reduces deficit'
Page 10

Inside Housing Website
13 August 2010
'Sector's pension fund reduces deficit'
www.insidehousing.co.uk

Professional Pensions
12 August 2010
'Social housing scheme deficit cut'
Page 4

Professional Pensions Website
10 August 2010
'Social housing scheme delivers £44m deficit reduction'
www.professional
pensions.com