Actuarial Valuations of the IMI 2014 Pensioner Fund and 2014 Deferred Fund

As at 31 March 2014 and 2015, the Trustee asked the Funds’ actuary to conduct a full actuarial review of the funding levels. The actuary also provided an update as at 31 March 2016. The actuary produces a number different sets of numbers for the Trustee, the main ones being:-

  • the position on an ongoing basis and

  • the position where the Funds’ are deemed to be “self-sufficient”, i.e. so well-funded with little investment risk that the Trustee would not need to rely on IMI in the future for any further contributions.

A summary of those funding levels is shown in the tables below. On the Trustee’s key measure of self-sufficiency the funding position improved for the year to 31 March 2016 from 89.5% to 90.9%. Copies of the formal Summary Funding Statements can be found attached.

Ongoing Basis

 

 

Assets

Liabilities

Deficit

£m

£m

£m

£m

31-Mar-17

Pensioner Fund

375

445

(70)

Deferred Fund

618

603

15

(55)

31-Mar-16

Pensioner Fund

787

840

(53)

Deferred Fund

540

539

1

(52)

31-Mar-15

Pensioner Fund

832

886

(54)

Deferred Fund

530

537

(7)

(61)

 

Self-Sufficiency Basis

Assets

Liabilities

Deficit

£m

£m

£m

£m

31-Mar-17

Pensioner Fund

378

458

(80)

Deferred Fund

618

660

(42)

(122)

31-Mar-16

Pensioner Fund

794

863

(69)

Deferred Fund

540

592

(52)

(121)

31-Mar-15

Pensioner Fund

841

951

(74)

Deferred Fund

530

600

(70)

(144)