TUTMAN B&CE Contracted-out Pension
Did you know?
- The Scheme was set up in 1988, specifically for the construction industry
- It’s already closed to new applications and is closing on 31 March 2022
- The experience we gained helped us create The People’s Pension
The TUTMAN B&CE Contracted-out Pension Scheme (‘the Scheme’) will close on 31 March 2022
The Scheme is already closed to new applications and is closing on 31 March 2022.
What if you have a pension with the Scheme?
We’ve already told our members that the Scheme is closing, and about the 3 options available to them.
The current normal minimum pension age at which you can access your pension savings is 55. This is set to increase to 57 in 2028.
You may have read that the government recently introduced new rules around when you can take money from pension savings. The rules allow money to be taken before age 57 after 5 April 2028, if you benefit from what’s known as a ‘protected pension age’. Members of the TUTMAN B&CE Contracted-out Pension Scheme do not benefit from a ‘protected pension age’.
You can still take your money from age 55 if you turn 55 before 5 April 2028.
If you’re already a member of The People’s Pension, you will benefit from a protected pension age of 55 after 5 April 2028. However, any money transferred in from the TUTMAN B&CE Contracted-out Pension Scheme would not have protected pension age status, and so, that part of your savings can only be withdrawn from age 57 after 5 April 2028.
Background about the Scheme
We launched the TUTMAN B&CE Contracted-out Pension Scheme in 1988, specifically for the construction industry. It was a pension scheme contracted 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.
Retirement options
To get the most from your pension when you retire – now more than ever – it pays to think ahead.