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IMI 2014 Deferred Fund and Pensioner FundFlexible optionsIMI Pension Plan

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Fund summary

The IMI Pension Fund was established on 1 October 1970. If you are 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 is being 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 are 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 four Company appointed directors and four nominated by the membership (Member Nominated Trustee Directors).

The Funds are made up of four sections, each with its own set of rules.

Whilst contributing to the IMI Pension Fund, you may 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.

Sections of the IMI Pension Fund

The Fund is made up of four sections:

1) The IMI Section

2) The Facsimile Section

3) The Main Section

4) The Senior Section

Annual Pension Increase

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%.

Exceptions to this are the MKR Section where increases apply on 1 April each year and the Facsimile Section where increases apply on 1 November each year.

Main Section, Senior Section and IMI Section
Date %
1 January 2019 3.3
1 January 2018 3.9
1 January 2017 2
MKR Scheme Members
Date %
1 April 2019 3.3
1 April 2018 3.9
1 April 2017 2
Facsimile Section – increased in line with inflation for the previous July
Date %
1 November 2018 1.9
1 November 2017 3.6
1 November 2016 1.9

Trustee Board

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 O'Shea - Company Secretary 2001
Peter Mason - Group Taxation Director 2012
Elizabeth Rose - Group Reward Manager 2012
Member Nominated Directors Year appointed
Chris Dunn - Service Engineer 2017
Paul Russell - Pensioner 2017
Jennie Cooke - Senior Applications Consultant 2009
Krisztina Strath - Best Practice & Development Manager 2011

* Member of the Investment Committee

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

As at 31 March 2018, the Trustee asked the Funds’ actuary to conduct a full actuarial review of the funding levels. The actuary also provided updates as at 31 March 2017 and 31 March 2016. The actuary produces different sets of numbers for the Trustee, the main ones being:

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 from 85.6% to 90% for the year to 31 March 2019.

Self-Sufficiency Basis
Assets (£m) Liabilities (£m) Deficit (£m)
Deferred Fund 514 571 57
Pensioner Fund Nil Nil
Deferred Fund 474 554 80
Pensioner Fund 378 458
Deferred Fund 618 660
Pensioner Fund 794 863
Deferred Fund 540 592
Ongoing Basis
Assets (£m) Liabilities (£m) Deficit (£m)
Pensioner Fund 375 445 (70)
Deferred Fund 618 603 15
Pensioner Fund 787 840 (53)
Deferred Fund 540 539 1

Report & Accounts

Here you can find a summary of the accounts for the IMI 2014 Pension Fund. You can download the full Report & Accounts for the last three years by following the links below.

IMI 2014 Deferred Fund 2018 accounts signed with opinion

IMI 2014 Pensioner Fund 2018 accounts signed with opinion

Summary Funding Statements

Here you can find annual updates on the IMI 2014 Deferred Fund's funding position.

Summary Funding Statement as at 31 March 2020

Summary Funding Statement as at 31 March 2019

Statement of Investment Principles

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

Annual Implementation Statement

IMI Deferred Fund Annual Implementation Statement

Fund Benefits

The benefits the Fund currently provides are set out in the Trust Deed and Rules and are summarised in the Fund booklets. Whilst 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

You will have been written to when you left IMI and advised of the amount of your deferred pension at that time and at what age/date payment is due.

It is your responsibility to keep the Trustee informed if your name, address or dependants change.

At retirement

Automatic Transfer to the IMI 2014 Pensioner Fund or IMI 2014 Deferred Fund

The IMI Pension Fund was split into two new schemes at the beginning of December 2014. Members of the IMI Pension Fund who were not eligible to or selected not to receive a cash lump sum, were automatically transferred to the IMI 2014 Pensioner Fund or the IMI 2014 Deferred Fund, as follows;

In relation to the transfer please note that:

If you have any queries now or in the future regarding the IMI 2014 Pensioner Fund or the IMI 2014 Deferred Fund, please contact the Fund’s administrator, Willis Towers Watson, using the contact details below:


Telephone: 01737 788145

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