A Brief History of the Fund

Key events in the Fund's history

1929 - Present

  • 1
    1st May 1929

    The Imperial Tobacco Pension Fund (“ITPF”) established with a single corporate trustee, ITC Pension Trust Limited and a Committee of Management.

  • 2
    1st 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.

  • 3
    1st May 1972

    The ITPF contracted-out of State Graduated National Insurance Scheme. 

  • 4
    1st November 1972

    Canon’s Marsh Tobacco Bonds Pension Fund merged with the ITPF.

  • 5
    5th April 1975

    Contracting-out of Graduated National Insurance Scheme terminated on winding up of arrangement by the State.

  • 6
    6th April 1978

    The ITPF contracted-out of the State Earnings-Related Pension Scheme (SERPS).

  • 7
    6th April 1983

    St Anne’s Board Mill Company Pension Fund merged with ITPF.

  • 8
    18th April 1986

    Fund closed to new entrants on acquisition of Imperial Group Plc by Hanson Trust.

  • 9
    10th September 1986

    Imperial Tobacco Limited became Principal Employer in place of Imperial Group Plc.

  • 10
    8th October 1987

    Imperial Investments Limited established to manage Fund’s investments.

  • 11
    1st November 1988

    Merger of Imperial Distributors, Robert Fletcher Funds and the Imperial Foods Pension Scheme with the ITPF.

  • 12
    1st July 1990

    ITPF re-opened to new joiners and became non-contributory for employee members.

  • 13
    February 1992

    First member and pensioner representatives elected to Committee of Management.

  • 14
    6th April 1992

    Imperial Retirement Benefit Scheme merged with ITPF.

  • 15
    1st 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.

  • 16
    1st 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.

  • 17
    1st March 1997

    Election of 3 Member Nominated directors of Imperial Tobacco Pension Trustees Limited.

  • 18
    5th April 1997

    Contracting-out of SERPS abolished and Guaranteed Minimum Pensions (GMPs) cease to accrue.

  • 19
    June 1999

    New investment management arrangements with appointment of external investment managers in place of Imperial Investments Limited.

  • 20
    1st October 2001

    Section established for Sinclair Collis employees joining between 1 October 2001 and 31 March 2002.

  • 21
    1st 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.

  • 22
    December 2005

    Civil Partnership Act 2004 permits same sex couple to register their relationship and qualify for same rights that apply to married couple.

  • 23
    6th April 2006

    “A-Day” – New pensions tax regime introduced the concepts of the Annual Allowance and the Lifetime Allowance for pension savings.

  • 24
    1st July 2006

    The Rizla UK Limited Retirement Benefit Scheme merged with the ITPF.

  • 25
    6th April 2010

    The government increased the minimum retirement age from 50 to 55.

  • 26
    30th September 2010

    The DB section was closed to new joiners. 

  • 27
    1st October 2010

    The DC section was established for new joiners. The administration of the DC section was outsourced to BlackRock (now Aegon).

  • 28
    1st January 2014

    ITPF commences automatic enrolment of employees as members of the DC section.

  • 29
    1st April 2016

    Cessation of contracting out.

  • 30
    1st September 2017

    Pensionable pay cap for DB employee members introduced by Company.

  • 31
    30th September 2023

    DB Section closed to future accrual. DB members at that time join the DC section on 01/10/2023.