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London landlord becomes latest to exit Social Housing Pension Scheme
Notting Hill Genesis (NHG) has become the latest G15 landlord to leave the Social Housing Pension Scheme (SHPS), following a similar exit by One Housing last year.
According to an update on the website of TPT Retirement Solutions, which manages SHPS, NHG has set up its own scheme, following a bulk transfer out of the pension in December.
The association confirmed: “We are transferring out of the SHPS scheme to give us greater control over the running of our pension provision.
“The transfer affects a small number of current staff who have protected defined benefit pensions and has no impact on benefits payable to any scheme members.”
It is the latest transfer out of the sector pension scheme since One Housing exited in April last year following its merged with Riverside.
The SHPS is run by TPT Retirement Solutions, and around 65,000 employees from the social housing sector are enrolled in the scheme.
A spokesperson for TPT Retirement Solutions said: “Notting Hill Genesis transferred its members from the Social Housing Pension Scheme into its own scheme, set up within TPT Retirement Solutions on 1 December 2023.
“The decision means Notting Hill Genesis continues its successful relationship with TPT Retirement Solutions, providing its members with continued access to TPT’s strong governance, administration and investments.
“The decision to transfer was communicated to all the members of the scheme, and the SHPS scheme committee worked constructively alongside Notting Hill Genesis to ensure that the trustee’s regulatory duties were satisfied.”
In October, Inside Housing reported that the estimated £750m SHPS deficit is on track to be cleared in fewer than five years.
For NHG, its new provision is called the Notting Hill Genesis 2023 Pension Scheme.
Advice was provided by First Actuarial on the bulk transfer.
Sam Mullock, a partner at First Actuarial, said “There have now been more than 25 bulk transfers from SHPS. Some employers have now completed more than one transfer.
“This is a natural evolution of pension strategy in the social housing sector as the ‘one size fits all’ financial strategy in SHPS will not be appropriate for all employers.
“We expect there will continue to be a small number of bulk transfers each year. However, we also expect SHPS to remain a large scheme supported by a large number of strong employers”.
In the same month as the SHPS transfer, NHG appointed Mark Smith, former chief financial officer at NHS Property Services, as it new chief financial officer. He will join the association later this year.
In November, NHG reported a 79% decrease in its half-year surplus, which was caused by a sharp fall in sales and higher operating costs. It booked a surplus of £106.1m for the last financial year, despite a sharp fall in turnover from sales and development.
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