IMPAC are currently offering free membership for one year, after which normal subscriptions apply. So join today for a year’s free membership.
Annual subscriptions are based upon annual gross income.
If your gross income is less than £1,000 you pay £1.00 per annum
If your gross income is less than £5,000 you pay £5.00 per annum
If your gross income is £5,000 or more you pay £10.00 per annum
All members of the Imperial Tobacco Pension Fund are eligible for membership. This includes Pensioners, Deferred Pensioners, Dependants and Active Members (Employees).
The potential membership is around:- 13,927 Pensioners*
- 18,796 Deferred Pensioners*
- 5,096 Dependants*
- 1,698 Employees*
Why should I join?
It is difficult these days to ignore the constant attention that the media gives
to the world of pensions.
If you are a member of the Government your attention is likely to focus upon
State Pensions. The spiralling cost of State Pensions because of the number of
people making it to either 60 or 65 depending upon gender is a financial
headache. They are combating this by gradually raising the age of state
retirement. Another headache for the Government is the spiralling cost of Public
Sector Pensions. Difficult one this for the Government; because it also embraces
MPs pensions. With over half of the UK workforce employed in the public sector
and the enormously high salaries paid to 1,000’s of these employees the annual
cost is rising fast. Whilst public servants contribute there is no pension pot.
As a consequence it is hand to mouth and all the monthly pension cheques come
straight out of the public purse.
Case 1.
If you are self-employed or work for a small company your pension in old age is down to you. Sure the state will give you a pension based upon NI contributions when you achieve state pensionable age; but living standards must suffer if you do not make any financial provisions.
Case 2.
If you work in the public sector then a final salary, index linked pension awaits you based upon service and it is likely you will receive this before state retirement age. Yes you do pay contributions but the ‘Sponsoring Company’ is the Government (taxpayer). So the chances of your ‘Fund’ going bust are virtually nil. You can be happy in retirement.
Case 3.
If you work for a large Company with an Occupational Pension Fund the future is more certain than Case 1 but much less certain than Case 2.
It all depends upon the Sponsoring Company. You pay your contributions but hope that (a) the money is invested wisely (b) the Trustees of your Fund behave within Trustee law and (c) your Sponsoring Company remains financially viable both during employment and in retirement. Many out there have had their retirement dreams dashed when the Company goes bankrupt. Another danger is that the Trustees decide to sell the Fund on and absolve responsibility to the purchaser; who just expects to make a profit.
This Government has done much to destroy Occupational Pension Funds and many have massive deficits and may never recover. The members of these funds face an uncertain future. Despite this the Government continues to put financial pressure on Occupational Pension Funds. Not only are they losing billions a year over loss of tax relief on dividends the government have also decided that Occupational Pension Funds pay an annual premium into the Pension Protect Fund to financially help Occupational Pension Scheme members whose scheme has gone bust. All this can be laid at Gordon Brown’s door.
What about the ITL Fund?
The ITP Fund has many interested parties namely the parent Company (ITG), the ITL employees, all categories of pensioners including deferred pensioners. Competent management of the Fund is crucial and whilst we are fortunate to have three elected Trustees changes could be still made to the rules that would be considered by pensioners as unfair and unreasonable. If the Company, or any future owner of the Company, considered the Fund to be a financial burden at any time it can, with the current rules, wind it up and give every member an annuity. We have assurances that any significant deficit identified by the Fund Actuary would be met by ITG and currently that is being honoured. But what about next year and all the years ahead?
There are around 40,000 people dependant upon our Fund one way or another. A small number of this total devote their time and energy freely to safeguarding the security of our Fund on your behalf. Are you content to sit back and benefit from their endeavours or prepared to support their efforts? The choice is yours?
How much does it cost?
Well currently IMPAC are offering free membership for one year after which normal subscriptions apply. So join today for a year’s free membership. A standing order form, for your future subscriptions, can be downloaded by clicking these links.
PDF format or RTF format
- If your gross income is less than £1,000 you pay £1.00 per annum
- If your gross income is less than £5,000 you pay £5.00 per annum
- If your gross income is £5,000 or more you pay £10.00 per annum
Donations to the ‘fighting fund’ are always welcome and do keep coming in.
Note: If IMPAC was ever dissolved the allocation of it’s Funds is outlined in the Constitution.
How do I join?
To join on-line please submit the following details to IMPAC. Upon receipt you will receive a Welcome Pack consisting of a letter from the Chairman, a copy of 'The Value of IMPAC', a copy of the Constitution and a copy of the latest newsletter, IMPACt.
Note:
If you are interested in joining IMPAC you will find that 'The Value of IMPAC' download is well worth a read and will answer some questions.
Download here *