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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

We decided to close the Tutman B&CE Contracted-out Pension Scheme 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.

The Scheme had been closed to new members for some time. At the end of 2021 we began the process of closing the Scheme, giving members the option to take their money, transfer to a different scheme, or move their pension savings to The People’s Pension. On 31 March 2022, the Scheme closed.