IMI 2014 Deferred Fund
March 2026 update
The buyout of the IMI 2014 Deferred Fund has now been completed with Pension Insurance Corporation (PIC) and Legal & General (L&G). You will already have received confirmation that your benefits were bought out by PIC from 14 July 2025 or by L&G from 5 January 2026.
As a result of the buyouts, the Fund is no longer the responsibility of IMI plc. All member benefits are now fully insured with PIC or L&G, and members will continue to receive the same level of benefits as previously provided by the Fund.
Following completion of the buyouts, administration of the Fund has transferred away from Willis Towers Watson (WTW). WTW can no longer support any queries related to the Fund. All future queries should be directed to the relevant insurer, depending on where your benefits have moved:
If your benefits have moved to PIC
- UK: 0800 652 7000
- From abroad: +44 (0)1325 271 860
- Email: enquiries@picadmin.co.uk
- Post: PIC, PO Box 556, Darlington DL1 9YX
If your benefits have moved to Legal & General
- UK: 0345 766 0813
- Email: paymentservices@landg.com
- Post: Legal & General Assurance Society Ltd, Customer Payment Services, PO Box 809, Cardiff, CF24 0YL
If you have any further questions, please contact PIC or Legal & General directly using the details provided above.
Fund summary
The IMI Pension Fund was established on 1 October 1970. If you’re a member, you built up pension linked to your service and salary during your career with IMI until the Fund closed to future accrual on 31 December 2010. At that date, contributing members employed by IMI at that time became ‘Preserved Employed Members’ and joined a separate defined contribution arrangement (initially the IMI Retirement Savings Plan and later the Mercer Master Trust) from 1 January 2011.
The IMI Pension Fund was split into two funds – the IMI 2014 Deferred Fund and the IMI 2014 Pensioner Fund, in 2014, following which the IMI Pension Fund was wound up. The IMI 2014 Pensioner Fund has also subsequently been wound up as it no longer has any members, following a successful buyout of all its members’ benefits with bulk annuity providers (including PIC and Legal and General). The IMI 2014 Deferred Fund is also now begun to wind up in preparation for the buyout with PIC and Legal and General. In the meantime, until all members’ benefits have been secured via the issuing of individual pension policies in members’ own names, the Fund’s Trustee remains responsible for looking after your pension benefits. Once all benefits have been secured as part of the buyout and the winding-up process has been concluded, the IMI 2014 Deferred Fund will cease to exist.
Sections of the IMI 2014 Deferred Fund
The Fund is made up of five sections:
1. The IMI Section
- Closed to new entrants from 1 July 2002.
- Closed to future build up from 31 December 2010.
2. The Facsimile Section
- Made up of members of the ICI Pension Fund before 6 April 1980.
- The rules of the Facsimile Section were established to mirror the rules of the ICI Pension Fund.
- All members of this section have now been bought out of the fund.
3. The Main Section
- For most new entrants from 1 July 2002 until the Fund closed to new entrants on 31 December 2005.
- Incorporates the liabilities transferred from the former MKR Holdings Ltd and Associated and Subsidiary Companies Retirement Benefits Scheme brought into the Main Section on 1 July 2002.
4. The Senior Section
- Includes the liabilities transferred in from the former IMI Supplementary Pension Fund.
5. The FCX Section
- Includes the liabilities transferred in from the former FCX Retirement Benefits Plan
Annual Pension Increase
Your pension increases each year on 1 January by the annual rise in the Retail Price Index measured to the previous September. Pension built up from 1 January 2006 increases by a maximum of 2.5% and pension built up before 1 January 2006 increases by a maximum of 5%. Exception to this is the MKR Section, where increases apply on 1 April each year.
Main Section
| Date | % |
|---|---|
| 1 January 2025 | 2.7 |
| 1 January 2024 | 5 |
| 1 January 2023 | 5 |
| 1 January 2022 | 4.9 |
| 1 January 2021 | 1.1 |
| 1 January 2020 | 2.4 |
MKR Section
| Date | % |
|---|---|
| 1 April 2025 | 2.7 |
| 1 April 2024 | 5 |
| 1 April 2023 | 5 |
| 1 April 2022 | 4.9 |
| 1 April 2021 | 1.1 |
| 1 April 2020 | 2.4 |
Trustee Board
The Trustee of the IMI UK pension arrangements is IMI Pensions Trust Limited. The Directors of the Trustee Company are:
| Company Nominated Directors | Year Appointed |
|---|---|
| Greg Croydon - Former Group Pensions Director | 2006 |
| John Jones - Head of Reward & Sustainability | 2019 |
| Member Nominated Directors | Year Appointed |
|---|---|
| Chris Dunn - Service Engineer | 2017 |
| Jennie Cooke - Senior Applications Consultant | 2009 |
| Krisztina Strath - Best Practice & Development Manager | 2011 |
Actuarial Valuations of the IMI 2014 Deferred Fund
The Trustee and IMI Plc, as the Fund’s sponsoring employer, agreed to commence the winding-up of the Fund in May 2025 in preparation for the upcoming buyout. The next three-yearly actuarial valuation would have been due to be carried out as at 31 March 2024, but because the Fund is now being wound up, no further actuarial valuations are needed.
Report and accounts
Here you can find a summary of the accounts for the IMI 2014 Deferred Fund. You can download the full report and accounts for the last three years here:
IMI 2014 Deferred Fund 2025 accounts
IMI 2014 Deferred Fund 2024 accounts
IMI 2014 Deferred Fund 2023 accounts
IMI 2014 Deferred Fund 2022 accounts
Summary Funding Statements
As explained in the Trustee’s July 2025 announcement to members, the Trustee is currently in the process of securing all members' Fund benefits with the insurers PIC and Legal & General as the Fund is in the process of ‘winding up’. This means it is no longer necessary to provide members with further summary funding statements, noting that your benefits are being secured in full with either PIC or Legal & General.
Statement of Investment Principles
Here you can read the Statement of Investment Principles for the IMI 2014 Deferred Fund. This includes information about the Trustee's investment strategy:
IMI 2025 Deferred Fund Statement of Investment Principles
IMI 2024 Deferred Fund Statement of Investment Principles
IMI 2023 Deferred Fund Statement of Investment Principles
Engagement Policy Implementation Statement (EPIS)
Here you can read the Engagement Policy Implementation Statement (EPIS) for the IMI 2014 Deferred Fund. This documents the actions of the Trustee to achieve certain policies and objectives outlined in the Statement of Investment Principles (“SIP”)
