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G15 landlord leaves Social Housing Pension Scheme following merger
A G15 landlord that merged with a North West-based provider has exited the sector’s Social Housing Pension Scheme (SHPS).
According to an update on the website of TPT Retirement Solutions, the provider that manages SHPS, One Housing has established its own pension scheme following a bulk transfer from the pension scheme on 1 April 2023.
G15 member One Housing completed its merger with Riverside in December 2021 to create a new 75,000-home landlord.
Riverside explained that as part of the integration process it took the opportunity to review the pension arrangements for those transferring colleagues and to align those commitments with its current provider.
Riverside has had an existing pension scheme with Legal & General since October 2019.
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A spokesperson for Riverside explained: “Last month, following consultation with One Housing residents and approval from the One Housing and Riverside boards and One Housing shareholders, we were delighted to announce that our legal integration through a process known as a transfer of engagements was successfully complete.
“This means that as of 1 April 2023, Riverside became the landlord and employer of previous One Housing customers and employees.”
On the same date, Riverside will also become a member of the G15 following the merger with One Housing.
The landlord described the pension transfer as “a significant moment in our integration journey”.
The spokesperson added: “Our former One Housing colleagues will not notice much difference in their day-to-day work, with no change to current pay, other employment terms in line with Transfer of Engagements (Protection of Employment) legislation.
“Existing pension contribution levels within One Housing Group have been protected for colleagues and they now have lower scheme charges and an improved member experience through the greater use of technology.
“The change was subject to extensive colleague and union consultation process. This merger has already delivered positive benefits to the services and support we are able to offer to our customers and colleagues.”
A spokesperson for TPT Retirement Solutions said: “One Housing Group (now part of the Riverside Group) transferred its defined benefit (DB) members from the Social Housing Pension Scheme (SHPS) into its own scheme, set up within TPT Retirement Solutions on 1 April 2023.
“The new scheme is called the OHG (ex SHPS) DB Scheme. The decision means the Riverside Group continues its successful relationship with TPT Retirement Solutions, providing its DB members with continued access to TPT’s strong governance, administration and investments.
“The decision to transfer was communicated to all the DB members of the scheme, and the SHPS Scheme Committee worked constructively alongside the group to ensure that the trustees’ regulatory duties were satisfied.”
TPT added that “SHPS continues to be a successfully managed multi-employer scheme with more than 400 employers and around 120,000 members”.
It appears to be the latest association to leave the scheme since Inside Housing revealed that Moat had quit the scheme in February.
The Kent-based landlord said at the time that it moved to a standalone scheme to gain control of its operations and costs, as well as to better manage the risks associated with a defined benefit scheme.
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