IMI 2014 Deferred Fund
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.
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 the IMI Mercer Master Trust from 1 January 2011.
The Fund was split into two funds – the IMI 2014 Deferred Fund and the IMI 2014 Pensioner Fund. The IMI Pensioner Fund has been wound up as it no longer has any members.
The Funds were set up as a trust-based occupational arrangement and are managed by a Trustee Board in the interests of all beneficiaries. They’re administered by Willis Towers Watson and registered with the Pensions Regulator and HMRC. Fund assets are held under Trust and are entirely separate from those of the Company. As an entity in its own right, the Fund prepares its own financial statements called the ‘Report & Accounts’.
The Funds have a Trustee Board, with two Company appointed directors and three nominated by the membership (Member Nominated Trustee Directors).
The Funds are made up of four sections, each with its own set of rules. While contributing to the IMI Pension Fund, you might have paid Additional Voluntary Contributions (AVCs). The Savings Section of the IMI Pension Plan replaced the existing AVCs options, which ended in March 2006.
From April 2006, you could boost your pension savings by paying into the Savings Section of the IMI Pension Plan (administered by Standard Life) and/or transferring the value of your AVCs into the Savings Section.
If you were a member of the Savings Section and still employed by IMI in September 2013, you received details of how to continue to make payments to and/or transfer your AVCs into the Mercer Master Trust.
Sections of the IMI 2014 Deferred Fund
The Fund is made up of four 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.
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 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 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 |
* Member of the Investment Committee
Actuarial Valuations of the IMI 2014 Deferred Fund
As at 31 March 2021, the Trustee asked the Funds’ actuary to conduct a full actuarial review of the funding levels. The actuary also provided interim updates as at 31 March 2022 and 2023. The actuary produces a valuation based on the position where the funds are deemed to be ‘self-sufficient’. ‘Self-sufficient’ means well-funded with so little investment risk that the Trustee would not need to rely on IMI in the future for any further contributions and would be approaching the point where all the liabilities could be bought out with insurance companies, thus minimising the risk on the Members' benefits.
A summary of this funding level is shown in the table below. On the Trustee’s key measure of self-sufficiency, the funding position fell from 114% to 101% for the year to 31 March 2023.
IMI 2014 Deferred Fund - Self Sufficiency Basis
| Year Ending | Assets (£m) | Liabilities (£m) | Surplus / (Deficit) £m | Assets / Liabilities % |
|---|---|---|---|---|
| 31 March 2023 | 365 | 360 | 5 | 101% |
| 31 March 2022 | 616 | 538 | 78 | 114% |
| 31 March 2021 | 588 | 582 | 6 | 101% |
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 2024 accounts
IMI 2014 Deferred Fund 2023 accounts
IMI 2014 Deferred Fund 2022 accounts
IMI 2014 Deferred Fund 2021 accounts
Summary Funding Statements
Here you can find annual updates on the IMI 2014 Deferred Fund's funding position:
Summary Funding Statement as at 31 March 2023
Summary Funding Statement as at 31 March 2022
Summary Funding Statement as at 31 March 2021
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 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”)
Fund Benefits
The benefits the Fund currently provides are set out in the Trust Deed and Rules and are summarised in the Fund booklets. While every effort is made to ensure the accuracy of the information in these booklets, in the event of a discrepancy the Trust Deed and Rules will override the booklet. In brief:
On leaving IMI with a deferred pension:
IMI Section Member
- IMI Section member (joined the Fund before 1 July 2002) – if you left IMI before November 1987 your deferred pension may be payable at age 65. The majority of IMI Section deferred members will have a payable age of 60 or later if you’re still working for IMI after you’re 60.
- You can leave your deferred pension in the Fund; or transfer it to another registered pension arrangement; or you can apply for early payment at a reduced rate once you reach age 50.
Main Section Member
- Main Section member (joined the Fund on or after 1 July 2006) – your deferred pension is payable at age 65 or later if you’re still working for IMI after you’re 65.
- You can leave your deferred pension in the Fund, or transfer it to another registered pension scheme; or you can apply for early payment at a reduced rate from age 55 subject to Trustee consent.
MKR Members
- MKR members – your deferred pension is due for payment at age 60 or later if you’re still working for IMI.
- You can leave your deferred pension in the Fund; or transfer it to another registered pension arrangement; or you can apply for early payment at a reduced rate once you reach age 50.
At retirement
You’ll receive an annual pension, payable for life. Under current tax law, you can exchange part of this pension for a tax-free lump sum.
If you have any questions now or in the future about the IMI 2014 Deferred Fund, please get in touch with the Fund’s administrator, Willis Towers Watson:
Email: imipensions@wtwco.com
Telephone: 01737 788145
