The Plumbing and Mechanical services (UK) Industry Pension Scheme has been awarded second place in the Pension Scheme of the Year category.

The event was organised by Financial News magazine and held at the Savoy in London.

Nominated by the magazine and judged by a panel of 55 judges, the Scheme came second to the Tesco Pension Scheme, with the BA Pension Schemes coming in third place.

Discussing the awards event, Financial News said: "The plumbing scheme’s score (in the judging) is particularly impressive given that it is a fifth of the size of Tesco's fund. Unlike Tesco, its fund is in a small surplus, despite the low bond yields and volatile investment markets that the industry has struggled with in recent years."

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Robert Burgon, Secretary & Pensions Manager of the Scheme, added: "It is a huge honour for the Scheme to be recognised in this way. For almost 40 years, Plumbing Pensions has worked to provide good quality pensions for those working in the industry.

"This recognition, alongside some much larger household names, is an indication of the respect the Scheme enjoys from the wider financial services sector. It comes at a good time as the Scheme prepares to expand by assisting employers to meet their Auto Enrolment obligations."

(JP/MH)