A Brief History of the Fund
1929 - Present
- 11st May 1929
The Imperial Tobacco Pension Fund (“ITPF”) established with a single corporate trustee, ITC Pension Trust Limited and a Committee of Management.
- 21st November 1967
New accrual rates of 1/47 for males and 1/42 for females introduced with normal retirement age of 65 for men and 60 for women.
- 31st May 1972
The ITPF contracted-out of State Graduated National Insurance Scheme.
- 41st November 1972
Canon’s Marsh Tobacco Bonds Pension Fund merged with the ITPF.
- 55th April 1975
Contracting-out of Graduated National Insurance Scheme terminated on winding up of arrangement by the State.
- 66th April 1978
The ITPF contracted-out of the State Earnings-Related Pension Scheme (SERPS).
- 76th April 1983
St Anne’s Board Mill Company Pension Fund merged with ITPF.
- 818th April 1986
Fund closed to new entrants on acquisition of Imperial Group Plc by Hanson Trust.
- 910th September 1986
Imperial Tobacco Limited became Principal Employer in place of Imperial Group Plc.
- 108th October 1987
Imperial Investments Limited established to manage Fund’s investments.
- 111st November 1988
Merger of Imperial Distributors, Robert Fletcher Funds and the Imperial Foods Pension Scheme with the ITPF.
- 121st July 1990
ITPF re-opened to new joiners and became non-contributory for employee members.
- 13February 1992
First member and pensioner representatives elected to Committee of Management.
- 146th April 1992
Imperial Retirement Benefit Scheme merged with ITPF.
- 151st November 1993
Barber equalisation – males who were members before 1 January 1976 to have accrual rate of 1/42 for service after 17 May 1990. Normal retirement ages equalised at 60 for men and women.
- 161st August 1996
Restructuring of administration of the Fund – with a single corporate trustee, Imperial Tobacco Pension Trustees Limited and the former Committee of Management appointed as directors.
Committee of Management abolished.
- 171st March 1997
Election of 3 Member Nominated directors of Imperial Tobacco Pension Trustees Limited.
- 185th April 1997
Contracting-out of SERPS abolished and Guaranteed Minimum Pensions (GMPs) cease to accrue.
- 19June 1999
New investment management arrangements with appointment of external investment managers in place of Imperial Investments Limited.
- 201st October 2001
Section established for Sinclair Collis employees joining between 1 October 2001 and 31 March 2002.
- 211st April 2002
New section of membership introduced for new employees joining on or after this date. Key design features were a pension accrual rate of 1/60th, normal retirement age of 65 and a 5% contribution from employee members. Known as the “Post 2002” section. The “Pre 2002” section was closed to new joiners on 31 March 2002.
- 22December 2005
Civil Partnership Act 2004 permits same sex couple to register their relationship and qualify for same rights that apply to married couple.
- 236th April 2006
“A-Day” – New pensions tax regime introduced the concepts of the Annual Allowance and the Lifetime Allowance for pension savings.
- 241st July 2006
The Rizla UK Limited Retirement Benefit Scheme merged with the ITPF.
- 256th April 2010
The government increased the minimum retirement age from 50 to 55.
- 2630th September 2010
The DB section was closed to new joiners.
- 271st October 2010
The DC section was established for new joiners. The administration of the DC section was outsourced to BlackRock (now Aegon).
- 281st January 2014
ITPF commences automatic enrolment of employees as members of the DC section.
- 291st April 2016
Cessation of contracting out.
- 301st September 2017
Pensionable pay cap for DB employee members introduced by Company.
- 3130th September 2023
DB Section closed to future accrual. DB members at that time join the DC section on 01/10/2023.
The Imperial Tobacco Pension Fund (“ITPF”) established with a single corporate trustee, ITC Pension Trust Limited and a Committee of Management.
New accrual rates of 1/47 for males and 1/42 for females introduced with normal retirement age of 65 for men and 60 for women.
The ITPF contracted-out of State Graduated National Insurance Scheme.
Canon’s Marsh Tobacco Bonds Pension Fund merged with the ITPF.
Contracting-out of Graduated National Insurance Scheme terminated on winding up of arrangement by the State.
The ITPF contracted-out of the State Earnings-Related Pension Scheme (SERPS).
St Anne’s Board Mill Company Pension Fund merged with ITPF.
Fund closed to new entrants on acquisition of Imperial Group Plc by Hanson Trust.
Imperial Tobacco Limited became Principal Employer in place of Imperial Group Plc.
Imperial Investments Limited established to manage Fund’s investments.
Merger of Imperial Distributors, Robert Fletcher Funds and the Imperial Foods Pension Scheme with the ITPF.
ITPF re-opened to new joiners and became non-contributory for employee members.
First member and pensioner representatives elected to Committee of Management.
Imperial Retirement Benefit Scheme merged with ITPF.
Barber equalisation – males who were members before 1 January 1976 to have accrual rate of 1/42 for service after 17 May 1990. Normal retirement ages equalised at 60 for men and women.
Restructuring of administration of the Fund – with a single corporate trustee, Imperial Tobacco Pension Trustees Limited and the former Committee of Management appointed as directors.
Committee of Management abolished.
Election of 3 Member Nominated directors of Imperial Tobacco Pension Trustees Limited.
Contracting-out of SERPS abolished and Guaranteed Minimum Pensions (GMPs) cease to accrue.
New investment management arrangements with appointment of external investment managers in place of Imperial Investments Limited.
Section established for Sinclair Collis employees joining between 1 October 2001 and 31 March 2002.
New section of membership introduced for new employees joining on or after this date. Key design features were a pension accrual rate of 1/60th, normal retirement age of 65 and a 5% contribution from employee members. Known as the “Post 2002” section. The “Pre 2002” section was closed to new joiners on 31 March 2002.
Civil Partnership Act 2004 permits same sex couple to register their relationship and qualify for same rights that apply to married couple.
“A-Day” – New pensions tax regime introduced the concepts of the Annual Allowance and the Lifetime Allowance for pension savings.
The Rizla UK Limited Retirement Benefit Scheme merged with the ITPF.
The government increased the minimum retirement age from 50 to 55.
The DB section was closed to new joiners.
The DC section was established for new joiners. The administration of the DC section was outsourced to BlackRock (now Aegon).
ITPF commences automatic enrolment of employees as members of the DC section.
Cessation of contracting out.
Pensionable pay cap for DB employee members introduced by Company.
DB Section closed to future accrual. DB members at that time join the DC section on 01/10/2023.
This website aims to provide a helpful summary of the provisions of the Fund and is intended for information only; it does not give rights to benefits for or in respect of you. Your rights to benefits under the Fund arise from the Trust Deed & Rules. Every effort has been made to reflect accurately the Trust Deed & Rules on this website but if there are any differences, the Trust Deed & Rules will always take precedence. Furthermore, please note that information on this website is based on current understanding of English tax and pensions law, which are subject to change at any time in the future so this site may not always accurately reflect current regulations or legislation, which would take precedence in the event of any discrepancy or claim.
