About SIPS

The Shipbuilding Industries Pension Scheme (SIPS) is the major provider of pension benefits for employees in the shipbuilding and related industries.

SIPS was established in 1986 on the privatisation of the shipbuilding industry. Currently, there are 16 Independent Participating Employers (IPEs). Each IPE participating in a Defined Benefit Section of the Scheme has its own pool of assets and separate liabilities without cross-subsidy.

SIPS has a total membership of almost 26,000 people, comprising over 7,000 active members, more than 9,000 deferred members, and 9,800 pensioners. As at 31 March 2008, the total assets of the Scheme had a value of £1.48 billion.

SIPS offers Defined Benefit Sections and a Money Purchase Plan, which are open to employers within the industry.

SIPS is governed by an independent Trustee: Hadrian Trustees Limited. You can read more about the Trustee Board in the Trustee Information section of the site. There are also a number of Local Pensions Committees to assist the communications network.

The day-to-day administration of SIPS is carried out by Capita Hartshead at its Glasgow office, with the accounting and pensioner payroll functions being carried out at its Sheffield office. The Scheme Secretary is based at Capita Hartshead's Basingstoke office.

SIPS is able to offer the following advantages to members and participating employers:

• A focus on the shipbuilding and ship repair industry
• Experienced and successful fund management
• A large and resilient asset base
• Separate and protected assets
• Long-established, cost-effective and well-regulated arrangements
• The choice of schemes to suit a variety of different employers