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Master Trust

Proposed changes to your IMI pension arrangements

FAQs were last updated on 29 July

Why the change?

IMI and the Trustee Directors have taken time to reimagine our current IMI pension arrangements to see what options are available to provide you with even better security and more flexibility. Following this review, IMI, along with the support of the Trustee Directors, is considering moving the IMI Retirement Savings Plan into a Master Trust arrangement.

What is a Master Trust?

A Master Trust is an authorised pension arrangement that allows groups of employers to combine their pension plans under a single umbrella trust to provide pension benefits for their employees. Two of the main advantages of this group collaboration are increased buying power and lower running costs for the pension schemes. Master Trusts are normally operated by a professional and independent Trustee Board.

Increased buying power and lower running costs for the pension schemes

In short, Master Trusts offer more strength in numbers, flexibility through combined buying power, lower costs and good governance through the Trustee Board. This is why IMI is proposing that the Retirement Savings Plan joins a Master Trust.

Read more about the the proposed Master Trust

Why is IMI proposing to move to Master Trust?

We want to offer you a market-leading pension arrangement which is good value for money. We have carefully considered a number of ways to improve what we currently offer under the RSP and we believe that a Master Trust arrangement is the best option for our employees – it will build on the strong ethics that the Trustee has maintained, whilst providing additional features that are not currently available to you.

Moving to the proposed Master Trust would have several benefits.

What would a move to a Master Trust mean for you?

  • The short answer is lower costs and more choice. For example, there could be more investment choices, lower investment charges and improved retirement options, including a more flexible income drawdown facility, avoiding the need to transfer elsewhere.
  • None of the IMI benefits or contribution levels would change. They would all stay the same.
  • The big change would be the appointment of a new pension provider – a Master Trust provider who looks after your pensions account and manages the payment of your benefits when you need them.
  • Master Trusts also have the scale to invest in the latest technology, making it easier for them to estimate your likely benefits and for you to manage your account online and on the go.
  • Another change you might see is greater use of technology by the Master Trust provider to enable you to monitor your investments and change personal details when necessary.

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