The Construction Industry Training Board is set for a multi-million pound windfall from a pension fund in the process of being wound-up.
Industry sources estimate the training body could be in line for a payout of up-to £20m.
The windfall will come from the closing ITB Pension Fund which manages money for all current and former industry training boards.
The closure of the scheme was triggered after it reached maximum funding levels.
The ongoing pension needs of employees will be met by an insurance company who will manage remaining assets.
The CITB confirmed that it was expecting an inflow of funds but said it would not know the exact figure until the transfer in March 2027.
A spokesperson said: “The money received will help support the industry through the delivery of CITB’s strategic plan.”
The Construction Industry Training Board is set for a multi-million pound windfall from a pension fund in the process of being wound-up.
Industry sources estimate the training body could be in line for a payout of up-to £20m.
The windfall will come from the closing ITB Pension Fund which manages money for all current and former industry training boards.
The closure of the scheme was triggered after it reached maximum funding levels.
The ongoing pension needs of employees will be met by an insurance company who will manage remaining assets.
The CITB confirmed that it was expecting an inflow of funds but said it would not know the exact figure until the transfer in March 2027.
A spokesperson said: “The money received will help support the industry through the delivery of CITB’s strategic plan.”
