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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.
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.
The Fund is made up of four sections:
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.
Date | % |
---|---|
1 January 2022 | 4.9 |
1 January 2021 | 1.1 |
1 January 2020 | 2.4 |
Date | % |
---|---|
1 April 2022 | 4.9 |
1 April 2021 | 1.1 |
1 April 2020 | 2.4 |
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
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, 2020 and 2019. 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 improved from 101% to 114% for the year to 31 March 2022.
Year Ending | Assets (£m) | Liabilities (£m) | Surplus / (Deficit) £m | Assets / Liabilities % |
---|---|---|---|---|
31 March 2022 | 616 | 538 | 78 | 114% |
31 March 2021 | 588 | 582 | 6 | 101% |
31 March 2020 | 563 | 588 | (25) | 96% |
31 March 2019 | 515 | 571 | (56) | 90% |
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 2022 accounts
IMI 2014 Deferred Fund 2021 accounts
IMI 2014 Deferred Fund 2020 accounts
IMI 2014 Deferred Fund 2018 accounts signed with opinion
Here you can find annual updates on the IMI 2014 Deferred Fund's funding position:
Summary Funding Statement as at 31 March 2022
Summary Funding Statement as at 31 March 2021
Summary Funding Statement as at 31 March 2020
Summary Funding Statement as at 31 March 2019
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 2020 Deferred Fund Statement of Investment Principles
IMI Deferred Fund Annual Implementation Statement
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
Main Section Member
MKR Members
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@towerswatson.com
Telephone: 01737 788145
Find lots more information at Geeks Corner.