I found the problem.
The Pipl.rc resouce is only rebuilt when compiling in Debug mode. I had made a change in Release mode.
In the release builds in the Premiere CS5.5 SDK the custom build step for the building of the PiPL files is missing.
My solution is to right click on the dot R file in the resource and copy the custom settings for the Debug build and paste them into the Release build custom settings. Then the PiPL is built and the plug-in loads.
you have to right click/Properties in debug mode Project.r and copy what is there into your new project
do the same for Project.rc