A History of IMI Pensions
Below is a timeline of the key dates relating to IMI's UK pension arrangements.
- Up to the end of 2005 the IMI Pension Fund (DB) was the Company's UK pension arrangement.
- 31 December 2005: the IMI Pension Fund closed to new employees.
- 1 January 2006: the IMI Pension Plan (DC) opened to new employees.
- 1 April 2006: existing IMI Pension Fund members' Additional Voluntary Contributions (AVCs) were paid into the Savings Section of the IMI Pension Plan.
- 31 December 2010: Contributions to the IMI Pension Fund ceased and it closed to future accrual.
- 1 January 2011: the IMI Retirement Savings Plan (DC) was established.
- 1 January 2011: existing active members of the IMI Pension Fund were transferred to the IMI Retirement Savings Plan.
- 1 October 2013: active members of the IMI Pension Plan were given the option for early transfer into the IMI Retirement Savings Plan.
- 31 October 2013: the IMI Pension Plan closed to new members.
- 1 November 2013 Auto-Enrollment staging date for IMI UK companies.
- 1 November 2013: remaining active members of the IMI Pension Plan and active members of the Stainless Steel Fasteners Pension Plan were transferred to the IMI Retirement Savings Plan.
- 1 November 2013: new employees offered membership of the IMI Retirement Savings Plan.
- 1 February 2014: pre 1 November 2013 employees that had never joined an IMI pension arrangement were auto-enrolled into the IMI Retirement Savings Plan.
- Late 2014 members with a balance still remaining in the IMI Pension Plan where given another opportunity to transfer their accrued fund in the IMI Pension Plan into the IMI Retirement Savings Plan.
- Going forward, IMI will no longer provide governance of the IMI Pension Plan and will not monitor the performance of members investment.
- Members may still transfer any remaining balance in the IMI Pension Plan into the IMI Retirement Savings Plan by contacting Willis Towers Watson direct who will guide them through the process.
- 1 November 2014: the IMI Pension Fund split into two funds:-
- IMI 2014 Pensioner Fund and the
- IMI 2014 Deferred Fund
- The IMI Pension Fund will be wound up.
- 1 October 2015: legislation changed and it is no longer possible to pay a refund of member contributions (known as short service refund) from an Occupational DC pension arrangement such as the RSP, where the member has more than 30 days Qualifying Service. Therefore, the members fund will be held within the RSP until the member retires, dies or choses to transfer out unless they had at least 30 days qualifying service in the RSP before 1 October 2015.
- 1 December 2015: the IMI Retirement Saving Plan changed
- Administrators from Standard Life to Willis Towers Watson and
- the investment platform to from Standard Life to Legal & General.