The consultation period ended on 11 September 2020. IMI will write to you later this month to confirm the decision.
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.
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.
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.
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.