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 ITL Pension 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 Final Salary (DB) Scheme are eligible for membership. This includes Pensioners, Deferred Pensioners, Dependants and Active Members (ie. Employees who are members of the DB Scheme).
The potential membership is around:- 13,657* Pensioners - Ex-employees in receipt of pension.
- 16,297* Deferred Pensioners - Ex-employees under 60 years of age.
- 4,918* Dependants - Deceased ex-employee Spouses and nominated Dependants as previously sanctioned by the Board of Trustees.
- 1,554* Employees – Current Employees in the Final Salary (DB) Scheme.
Why should I join?
Background
It is difficult these days to ignore the constant attention that the media gives to the world of pensions.
The Government’s attention is constantly focused upon the spiralling costs of Public Sector Pensions which are an on going financial headache. Difficult one for any 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 fast rising. 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. The burden of State Pensions is also increasing but this is being combated by gradually raising the state recognised age of retirement.
However the Government continue to regulate Occupational Pensions; actions not always welcomed by Sponsoring Companies and Trustees. Final salary schemes are nearing extinction but responsible Employers are offering alternatives. Many employees nationwide have no provision for additional income beyond state pension age and expect to continue working to maintain their standard of living.
Case 1.
If you are self-employed or work for a small company your income in old age is down to you. When you achieve state pensionable age the state provides a pension based upon your NI contributions; but living standards must suffer without any additional financial provision.
Case 2.
If you work in the public sector then a final salary, index linked pension awaits you based upon service and currently you can receive this before state retirement age. Some may pay contributions but the ‘Sponsoring Company’ is the Government (taxpayer). So the chances of your ‘Fund’ going bust are virtually nil. You can therefore 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 maintains trust and remains financially viable both during employment and in retirement. Many out there have had their retirement dreams dashed when the Company goes bankrupt or is taken over. Occupational Pension Funds are a liability and need not included in the take-over deal.
Successive Governments have done much to destroy Occupational Pension Funds and many are in deficit. The members of these funds can face an uncertain future. Despite this the Government continues to put financial pressure on Occupational Pension Funds. Not only have they lost billions over loss of tax relief on dividends but successful Occupational Pension Funds now pay an annual premium into the Pension Protect Fund to financially help those 1,000’s whose Scheme has gone bust. Much of this can be laid at Gordon Brown’s door.
What about the ITL Fund?
The ITP Fund has many interested parties namely the Sponsoring Company (ITL), 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 36,444 people dependant upon our Fund in one way or another. A small group within 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 them 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 complete and submit the application form below. Note: To confirm Employee eligibility and Pensioner status please refer to categories at the top of this page. Upon acceptance you will receive an IMPAC 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 *