Rod’s presentation had slides and covered:

The new ICL Pension Members Committee – the IPMC

• There are 3 pensioner representatives and 16 staff representatives
• Minutes of the last IPMC meeting (on 2 Nov) are available (and will be on the members area of the website later)

Communication with pensioners

• Improvements in communication being addressed.
• Website will soon have a `members area’ for information communicated in confidence
• A new `Pensions Insight’ report will be produced annually – the first is due Spring 2005

Investment performance and other elements of the Plan

• Better company performance gives more confidence for pensioners.
• Consultation on Plan changes for employees resolved – includes retiring age move from 60 to 65
• Deficit being cleared by payments from the company over 15 years – a bit long
• Investment mix now 70% equities, 30% bonds
• Prospects for next increase to pensioners

Pensions Developments

• The new Pension protection fund – law by 2005
• State pension changes, including State second tier

Website for Pensioners (Alan Thomson presented this bit)

• Phase 2 with Members area soon – developments in progress to give secure facilities

Discussion included:

• The well informed presentation and open discussion was welcomed – various questions were answered
• The possibility of giving 3 figures for the deficit in the 3 year valuations, to convey more about the scenarios and major assumptions
• The case for increases for pre 97 service over the 3% cap - if the annual RPI figure exceeds that
• There were further discussions in the bar - not for publication on a public website
• Where did you get the ICL flag and the bear?
• Can we have another event at the TVC next year? Yes
• Is Rod prepared to give this talk to other groups of pensioners? Yes; has slides; will travel – to get in touch with Rod use the enquiry form.

Click image to enlarge.
Picture shows the Pensioner Representative, the ICL flag, the Payroll Giving bear, and the Pensioner Topics Editor.