DB section of the Fund closed to future accrual on 30 September 2023

At the end of February 2023 Imperial started a consultation with employee members of the Defined Benefit (DB) section of the Pension Fund about its proposal to close this section to future pension build up, with current employee members joining the Defined Contribution (DC) section of the Fund for future pensionable service.


The relevant employees and unions were consulted on the change and these employees subsequently moved from the DB to DC section of the Fund 1 October 2023. They then became deferred pensioners of the DB section.


Imperial was not able to make these changes using the Trust Deed and Rules of the Fund, because of the restrictions in the amendment power in the Rules. It made the changes via an employment contract route. The Trustee of the Fund was aware of the consultation but was not required to agree to the changes.


The closure of the DB section to future accrual with effect from 30 September 2023 does not affect other members of the Fund and DB pensions in payment will continue to be paid as normal.