About Joining

An on-line Application Form is at the bottom of this page.

All members of the Imperial Tobacco Pension Fund Defined Benefits (DB) Scheme are eligible for membership. This includes Pensioners, Deferred Pensioners, Dependants and Active Members (ie. Employees who are members of the DB Scheme).

Note: The above type of scheme is perhaps better known as a Final Salary Scheme.
The potential membership is around:

• 13,245* Pensioners – Ex-employees in receipt of pension.
• 11,566* Deferred Pensioners – Ex-employees under 60 years of age.
• 4,535* Dependants – Deceased ex-employee Spouses and nominated Dependants as previously sanctioned by the Board of Trustees.
• 1,659* Employees – Current Employees in the Final Salary (DB) Scheme.

Totalling 31,014 (*numbers from 31st March 2014 Fund Report).

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 do contribute for most there is no pension pot. As a consequence it is usually hand to mouth and all these 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, Trustees and Fund Members. The risk of Pension Fund deficits are forcing Employers to abandon Defined Benefit (Final Salary) schemes. Many of these occupational pension schemes already have huge deficits. Within this situation responsible Employers are offering alternative Defined Contribution(DC) Schemes as is Imperial Tobacco. With no enforceable retirement age many employees can opt to continue working beyond occupational pension age whilst also in receipt of a pension. Earned income beyond this point can increase their future occupational pension income. Those with no pension income beyond state pension age are expected to continue working to maintain their standard of living.
In October 2012 the government introduced auto enrolment. This initiative forces every employer to enrol all employees into saving for retirement to reduce the burden on the state during their old age and helping living standards to be maintained. For every employee auto enrolment occurs every 3 years but the individual can opt out at any time.

What are the occupational pension options?
Case 1.
If you are self-employed 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 for a small/medium company with no pension fund then it is likely that you pay contributions into a Defined Contributions Scheme with the company financially supporting your contributions. These contributions are invested on your behalf to provision you in retirement with a pension. These pension payments are usually modest compared with payments by a Defined Benefits (Final Salary) Scheme.
Case 3.
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. Most pay contributions. Your employer is the  ‘sponsoring company’ but ultimately the Government (taxpayer) is the banker of last resort. So the chances of your ‘fund’ going bust are virtually nil. You can therefore be confident of a regular occupational pension.
Case 4.
If you work for a 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.
The demise of Pension Funds.
Successive Governments have done much to destroy Defined Benefit (Final Salary) Pension Funds and many are in now deficit. Members of these funds can face an uncertain future. Despite this the Government continues to put financial pressure on these funds. Not only have they lost billions through loss of tax relief on dividends but successful pension funds now pay an annual premium into the Pension Protection Fund to financially help those 1,000’s whose final salary 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 this rests with the Board of Trustees. There are 8 Trustees 3 of which are selected from nominations by both pensioners and employees by a panel every 2 years. 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 sell it off complete with all its liabilities to the members.
However 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?
Join IMPAC?
There are currently 31,014 people dependant upon our Fund for a pension.
Within this total there is a group who freely devote their time and energy to safeguarding the security of our Fund on behalf of all these members. Are you content to just sit back and benefit from their endeavours or are you prepared to support their efforts? We do hope you are!

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

Annual subscriptions are based upon annual ITL Pension 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

Donations to the ‘fighting fund’ are always welcome and do keep them coming in.
This money is invested and shown in the annual IMPAC accounts. An individual donation to IMPAC is optional, always welcomed and recorded. Please send any donation Cheque/P.O. payable to IMPAC to our Membership Agency at IMPAC c/o BPI Associates 106a High Street, Codicote, Hertfordshire SG4 8XE. Please put your name and address on the back of the cheque and indicate ‘new online member’. Many thanks.
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. Alternatively you can download the latest Recruitment Flyer and Application Form by clicking here.
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 *
Will Employees please note the reference to active DB and DC fund members at the top of the page just under the heading – About Joining.

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