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The provider of The People's Pension has a new name - People's Partnership. We will continue to support the construction industry through employee benefit products and The Charitable Trust - under the existing B&CE name.
Tutman B&CE Contracted-out Pension
Did you know?
- The Tutman B&CE Contracted-out Pension Scheme was set up in 1988, specifically for the construction industry
- The Tutman B&CE Contracted-out Pension Scheme closed on 31 March 2022.
- The experience we gained helped us create The People’s 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.
You may want to explore our webpages and get to know The People’s Pension…