Whether you are an IMPAC member or just a welcome visitor we hope you
find the IMPAC website easy to use, informative and interesting. If you
are a member of the Imperial Tobacco Pension Fund and not a member of
IMPAC we hope that you will join up whilst online. Please feel free to
comment on any aspect of the website or express your views on IMPAC via
the ‘Contact Us’ page.
IMPAC is not funded by ITG PLC and is wholly independent from ITL, the
Fund’s sponsoring company, the ITPF Office and any other ITPF Association.
This International organisation that was formed in 1990/91 following the
successful outcome of the high court action prompted by individual
groups of Imperial Pensioners to prevent proposed changes to their
pension fund that disadvantaged members.
These individual groups subsequently agreed to amalgamate and form IMPAC
to formally represent the interests of all members of the Imperial
Tobacco Pension Fund comprising of employees, pensioners, deferred
pensioners, spouses and dependants currently totalling in excess of 40
thousand people. IMPAC membership is open to all members of the Imperial
Tobacco Pension Fund including those overseas. Whilst occupation pension
funds have received intermittent governmental attention over the
intervening years as we have seen no occupational pension fund is wholly
secure. The interests of all Fund members and the Company (ITG) are
represented by a Board of eight Trustees including a Chairman. Of the
eight members of the Board of Trustees two are elected by pensioners and
deferred pensioners and one is elected by the employees. The remaining
five are nominated by the Company (ITG). The Board meets at least 4 times a
year in addition to quarterly meetings by an Investment Sub-Committee.
Fund assets are around £2billion and this investment is managed
externally. A Pension Fund Report is issued annually to all members and
a valuation of the Fund is undertaken every three years by an Actuary.
This balances Fund value against Fund liabilities and determines a
surplus or deficit. A deficit would cause the Actuary to recommend a
contribution from the Company (ITG); a surplus would deem that the Fund value
was more than adequate to meet it’s liabilities.
For your information old pension funds
historically amalgamated into the ITPF are:
The Canons Marsh Tobacco Bonds Pension Fund
The Finlay/Bewlay Pension Fund
The Robert Fletcher Pension Fund
The Imperial Foods Pension Scheme
The Imperial Retirement Benefits Scheme
The Imperial Distributors Pension Fund
The Rizla UK Limited Retirement Benefits Scheme
The St Anne Board Mill Company Pension Fund
Site developed & maintained by Jonathan Hill
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