Hanson Industrial Pension Scheme (HIPS)

The following information applies if you are already a member of the Hanson Industrial Pension Scheme

• Hanson UK and you are paying into a pension which you get when you reach the scheme’s pension age. 
• The government is also contributing to your pension through tax relief. (Tax relief means that some of your money that would have gone to the government as tax, goes into your pension instead.)
• Currently, the age at which members of the scheme get their pension is 65.
• On your payslip, the figure you can see is your contribution and the tax relief added together.

The pension scheme being used is Hanson Industrial Pension Scheme. The scheme is an occupational pension scheme run by a Trustee Board on behalf of the pension members and administered by Capita Employee Benefits. 

HIPS had 3 benefit levels. With Auto-Enrolment we will be adding a 4th. The original 3 levels will remain for “Enhanced Members”, adding in the “Auto-Enrolment” level, all paying in a different percentage of Pensionable Pay. 

You can increase the amount you put in if you want, up to a limit of 5% of your pensionable pay. The amount contributed by the government in the form of tax relief would also increase. The employer contribution would also increase up to the maximum of 10% of your pensionable pay. 

To increase the amount you put in you will have to complete the appropriate Application Form.