Pension background concept


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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 was formed in May 1991 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.

IMPAC 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 30 thousand people. IMPAC membership is open to all Defined Benefits (DB) 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 that 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 selected from those nominated by pensioners and deferred pensioners and one is selected from those nominated by the employees. These serve a period of four years. 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 £3billion 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 independent 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 its liabilities.

For your information other 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