SHPS | Defined Contribution

You can join SHPS DC if you already participate in the Scheme or if you hold enough units of housing stock and you are a member of, or are eligible to join, one of the following organisations:

• The National Housing Federation;
• Community Housing Cymru;
• The Scottish Federation of Housing Associations; or
• The Northern Ireland Federation of Housing Associations.

If you don't fit the above criteria, but have constitutional links to another participating employer, you may still be able to join.

In all cases, joining is subject to the approval of the SHPS Pensions Committee. Please contact the New Business Team on the number below for further information.

SHPS DC gives you an easy way to help your employees save for their retirement. It also gives you the flexibility to choose how much you want to contribute to help them save.

The Government is introducing some new legislation which will make it compulsory for all employees, who aren't already in a pension scheme, to be automatically enrolled into a scheme that their employer also contributes to. SHPS DC gives you a suitable pension scheme into which you can enrol your employees. The date by which your employees will need to be automatically enrolled will depend on the size of your workforce. You can find out when you might be affected by using The Pensions Trust's Staging Date Tool.

It costs just £1,000 to get you set up as a member of SHPS. There is also a charge each year of the greater of:

• £480; or
• £36 for each member (active or deferred).

As an employer you would also contribute to the life assurance cover, which is 0.2% of pensionable earnings. This would be deducted each month from contributions made by the employer.

You can find out more about SHPS DC both on this site and in the House Policies and Rules Employer Guide.