YOUR SCHEME WORKING FOR YOUR FUTURE

Closed Fund

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.