Tutman B&CE Contracted-out Pension

Tutman B&CE Contracted-out Pension Scheme – for the construction industry

The Tutman B&CE Contracted-out Pension Scheme closed on 31 March 2022.

We launched the Tutman B&CE Contracted-out Pension Scheme (‘the Scheme’) in 1988 to allow members of the construction industry to contract out of the State Earnings Related Pension Scheme (SERPS) and later the State Second Pension (S2P). Basically, it allowed employed construction workers to get some of their employer’s and their own National Insurance contributions paid into their pension instead.

As a profit-for-people organisation, B&CE work hard to return good value to all those who choose to invest with us. With this in mind, as the Scheme had been closed to new members for some time, we reviewed the pension product provided through the Scheme. We decided that it was in the interests of members to fully close the Scheme on 31 March 2022.

We offered members the option to take their money if eligible, transfer their money to another pension company who may offer better value, or move their savings to The People’s Pension. Also provided by People’s Partnership, The People’s Pension has a different pricing structure to the Scheme and offers lower charges for the majority of savers.