It was now decided it was in Pensioners' interests to keep the idea of a Pensioners' Association
going. By April 1991 IMPAC, BIPG and other smaller Imperial groups had
come together to form National IMPAC, draft a constitution and agree a
set of objectives. Great Britain was divided into 7 regions with the
proposal that each region democratically form a committee and run its
own unit funded through annual subscriptions, by the National Council,
that would consist of annually elected Officers and 2 representatives
from each region. SHAPING THE FUTURE
The inaugural meeting of National IMPAC took place on 8th May 1991. Also
at this time the newsletter IMPACt was launched and editions are
published at regular intervals. Normally the Council meet about 4 times
a year with an AGM in May. This is hosted by the Midland and Western
Regional Committees, based in Nottingham and Bristol, each alternate
year.
In 1992 the notion of a national association of occupational pension
fund' s pensioners was discussed. With new legislation looming, it was
thought that a national voice for all members of Occupational Funds was
paramount. In February 1993 the first meeting of the Confederation of
Occupational Pensioners' Associations (COPAS) was held between 9 groups.
A constitution, a set of objectives and funding arrangements were
agreed.
The first Chairman of COPAS was Roy Hutchins, ABAP (Association of
British Airways Pensioners). He was followed by Derek Oakley of Geest.
He was superseded by Ron Brociner of English China Clay, who
appreciating the effectiveness of IMPAC's organisation, set about, as
one of his first acts, getting regional groups active. Bob Stoker of
IMPAC followed Ron into the chair.
When Brian Marks of the IBM Pensioners' Association became Chairman in
2002 he soon began talks with the Alliance of Occupational Pensioners. -
AOP an organisation that emerged some two years ago. The talks between
the two organisations reviewed both advantages and disadvantages of
having two organisations representing occupational pension schemes with
very similar objectives. As a result it was decided to propose to the
respective memberships that both organisations be wound up and a new
body made up of the consolidated membership of the previous two
organisations be formed and be known as the Occupational Pensioners'
Alliance-OPA.
As a consequence the majority of member organisations of COPAS voted to
wind COPAS up, and jointly form the Alliance of Occupational Pensioners.
IMPAC have joined OPA paying the appropriate annual subscription
supporting their objectives. We hope that this Alliance will prove to a
substantial voice as long as Occupational Pensions continue to face
government attacks and failing legislation.
After the merger of the ITPF and the RBS, the trustee structure was
changed. The Committee of Management was replaced by the Board of
Trustees Limited. The existence of IMPAC as a well-organised association
has contributed to the subsequent successful nomination and election of
Pensioner Trustees. The employees are also represented by an elected
Trustee. All Trustees now undergo basic training in Trustee Law enforced
by assessment. Many funds without independent pensioner representation
have given companies reason to ignore legislation and pensioners have
lost out. PEACETIME?
Gone are the days when IMPAC is described, in certain quarters, as a
'militant rump'. Through sheer determination IMPAC has truly earned its
mantle of respectability - not that it ever had to.
Under the previous chairmanship of Michael Smedley, IMPAC developed good
relations with the Trustees and the Company. This continues under the
current Chairmanship of Norman Ferguson. Questions to the Trustees are
channelled through the Pension Fund Consultative Committee (PFCC). This
was set-up many years ago as a communication platform and originally
only consisted of Management and Employees. Later the PFCC comprised of
representatives from Management, Staff, Trade Union Representatives and
representatives from the various ITL Pensioner Associations.
With factory closures and the subsequent demise of Pensioner Associations IMPAC now provides a pensioner representative from each of the 7 Regions at every PFCC Meeting. The format and style of the PFCC has changed over recent times and IMPAC is now an accepted voice presenting questions and initiatives at the meetings. However the PFCC only meets twice a year. It therefore can be rather a cumbersome communication process at times.
However over the last few years ITG plc has grown into a much larger
worldwide organisation bringing major internal changes; particularly at the top
thus introducing a new culture. There are many changes affecting the standing of
the ITP Fund within ITG. The Fund now has about 1600 active members within ITL
whilst ITG has an overall global workforce of about 37,500. ITG is our Funds
banker of last resort yet the Fund only serves around 4.3 % of this total
workforce and around a whopping 40,000 Pensioners, Dependants and Deferred
Pensioners.
Back in 1986 concerns about the future of our Fund were being expressed when ITG
was bought by Hanson. Here we are now facing a situation whereby the future of
the Fund could again be a matter of interest; but for very different reasons.
IMPAC remains the 'external' guardian of the Fund, alert to the fact
that there may be future court battles and the fighting fund must remain
healthy. Today any future legal costs may well run into a six figure sum.
ACKNOWLEDGEMENTS:
Philip Chappel - Association of Investment Trust
Companies and Centre for Policy Studies.
Bryn Davies FIA - Director & Actuary Union Pensions Services Limited.
Christopher Fildes - Daily Telegraph.
Bill Garton - Founder member - deceased.
Alan McDougall - Pension Investment Research Consultants (PIRC)
Giles A C Orton - Evershed Wells & Hind
All those who have given their time and energy to make IMPAC what it
is today.