• 14,147 pensioners*
• 19,942 deferred pensioners*
• 5,182 Dependants*
• 1,600 employees*.

In general, despite legislation, Occupational Pension Funds are never totally safe. Over the recent years reports in the media portray a picture of many funds having shortfalls and changing their pension fund rules to offset financial problems. Many reasons for this trend can be laid at the Gordon Brown's door.

Abolishing tax relief on pension fund income from share dividends is one example. This is an ongoing income loss compounded over future years. Each year new accounting procedures are introduced by government for pension funds. In the main these requirements take snapshots of the value of a fund at a point in time. These snapshots are used to demonstrate the ability of any fund to meet specific requirements in respect of current and future liabilities. Fundamentally Pension Funds are long term investors looking to provide future incomes for current employees, pensioners, dependants and deferred pensioners. They are not risk takers looking for a quick buck. 

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; mainly due to the efforts of Gordon Brown.

Furthermore Occupational Pension Funds are now, in reality, dinosaurs. It is unlikely that any new company today would ever contemplate setting one up. Consequentially, since they are a dying breed, there is no political kudos in crusading to improve their lot. Occupational Pension Funds are therefore in danger from politicians who in fact enjoy a very generous tax free pension underwritten by the Chancellor of the Exchequer or in other terms; us! European MPs in fact receive an additional tax free pensions. They just tell Brussels they put £X into their pension fund and the EEC taxpayer matches it. Incredibly no proof of any claimed payment by an MEP into the fund is asked for.

Given this hostility to Occupational Pension Schemes we need a strong voice to argue the case for Occupational Pension Funds. We can only do this through organisations like IMPAC and other Occupational Pension Fund Associations.

The Fund has many interested parties namely the Company, the employees, all categories of pensioner and deferred pensioner. Fair management of the Fund is crucial and whilst we are fortunate to have three elected Trustees changes could be still made in 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.

In conclusion IMPAC exists to provide better protection for Fund Members by offering resistance against any moves from the Trustees or Parliament that disadvantage Members. In respect of the Trustees IMPAC’s last resort would be legal action and it’s assets provide the capability to launch an entry into that arena

Not to join puts the onus upon current IMPAC membership to provide a strong national voice, offer argument to our Trustees and provide funds to launch any necessary legal action. Why shouldn’t you be playing play your part?  

Well currently IMPAC are offering free membership for one year after which normal subscriptions apply. So join today for a year’s free membership.

• 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