YOUR SCHEME WORKING FOR YOUR FUTURE
This website is for Members and Employers of the ITB Pension Funds and non-members of Employers who would like further information on the benefits available.
Please note that this website is an information only site and you are not able to view your pension details. If you would like any information in respect of your ITB benefits, please contact us by email at pensions@itbpen.com, stating your name, date of birth and the information you require.
Information about the Funds that is available to the public can be accessed through the Library link.
This website will be changing frequently, so please visit regularly to keep up to date. You are advised to read the legal notice before using the site.
The Open Fund Defined Contribution (DC) Section was established in 2012 at the request of the employers. Benefits in the DC Section are pots of contributions made by members and employers and are invested in funds, with each member having their own pot of funds. If you are making contributions to your ITB pension today you are an active member of the Open Fund DC Section. The Trustee is responsible for the good management of the DC funds and has appointed Legal & General to carry out the day-to-day administration and investment fund management. The Trustee oversees and reviews L&G’s performance regularly.
The Open Fund Defined Benefit Section was established in the 1970s and serves Industry Training Boards and their successors. Over time some of the Boards either transitioned to different legal structures (the Successor Bodies) or wound-up and/or left the Funds. Today there are seven main employers, two of which are Industry Training Boards. The Fund is structured between three benefit sections – Old, New and 2007. The Old Section is the original set of benefits. In 2003 the New Section benefits were established by the Trustee at the request of the employers and likewise the 2007 Section benefits were established from January 2008. Members, therefore, may have a combination of Old, New and/or 2007 benefits depending on the options that were chosen for the staff of the employers.
The Closed Fund is a defined benefit pension scheme and was established as a separate fund from the existing ITB Pension Fund in 1983. The benefits of members who worked for Industry Training Boards that were closed at that time (including benefits of members that had left the employment of the continuing Boards) were put into the Closed Fund, together with a proportion of assets to ensure the benefits could be paid in full.