The IMI Pension Fund was established with effect from 1 October 1970. It focuses on your life after working for IMI by building up a pension linked to your service and salary during your career with IMI up to the point when the Fund closed to future accrual on 31 December 2010. From that date, contributing members employed by IMI at that time became "Preserved Employed Members" and joined the IMI Retirement Savings Plan from 1 January 2011. The Fund was split into two funds, the IMI 2014 Deferred Fund and the IMI 2014 Pensioner Fund; the IMI Pension Fund is being wound up as it no longer has any members.
The Funds were set up as a Trust based occupational arrangement and is managed by a Trustee Board in the interests of all beneficiaries. It is administered by Willis Towers Watson and is 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 four Company appointed directors and six nominated by the membership (Member Nominated Trustee Directors).
The Funds are made up of four sections, each with its own set of rules. If you are unsure of which section you may be in click here.
Whilst contributing to the IMI Pension Fund members may have paid Additional Voluntary Contributions (AVC). From 1 April 2006 the Savings Section of the IMI Pension Plan replaced the existing AVC 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 your accrued AVC fund into the Savings Section. Those members of the Savings Section still employed by IMI in September 2013, received details of how to continue to make payments via, and/or transfer accrued funds into the IMI Retirement Savings Plan.