News
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Jan 7, 2025
It is with regret that the Funds’ Office reports the deaths of the following members.
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Aug 30, 2023
As the Trustee of the Open Fund, one of our main responsibilities is ensuring the security of the benefits payable to Open Fund members and their dependants. We have taken steps over recent years to greatly improve this security by investing in four “buy-in” policies. On 21 July 2023 an agreement was reached with the insurance company […]
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Jan 30, 2023
The Funds' Office is now able to announce that Mr Maurice Alston was the only nomination received for the Closed Fund Pensioner Trustee position and is therefore appointed with effect from 4 April 2023, for a period of three years.
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Oct 12, 2022
You will no doubt have seen and heard the headlines about the problems the current market volatility is causing pension schemes. This is primarily about pension schemes that have liability driven investment (LDI) strategies to help stabilise the overall funding level, that use derivatives (also called swaps) extensively. Swaps are used by schemes to achieve […]
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Apr 27, 2022
The Funds' Office can now confirm that Mr Peter Austin won the ballot for the Open Fund Pensioner Trustee position and is therefore appointed with effect from 1 April 2022, for a period of three years.
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Apr 3, 2020
The spread of COVID-19 has contributed to a significant fall in share prices which has meant, for many members, a reduction in the value of your pension pot. This can be worrying but needs to be seen in the context of long-term returns. It’s to be expected that the value of individual pension pots will […]
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Mar 25, 2020
Dear Members, The Government advice to individuals and organisations on COVID-19 / Coronavirus continues to develop in line with circumstances. The ITB Pension Funds is following Government advice and has taken steps to safeguard the health of the Trustees and the Watford Funds’ Office staff in line with this advice. This involves staff working from […]
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Oct 11, 2019
It has been confirmed that The ITB Pension Funds has been authorised as a Master Trust by the Pensions Regulator. Achieving authorisation has provided credible external reassurance on the quality of many aspects of the Funds’ governance arrangements.
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Oct 10, 2019
The Statements of Investment Principles and Chairman’s Statement, which is included in the Report & Accounts, are available on this website – follow Useful Links from the home page then look in the Library.
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Nov 19, 2018
Members may have seen reports of the recent Lloyds Bank case. The court ruled that pension schemes will have to increase benefits for certain members, so as to eliminate inequalities between men and women attributable to guaranteed minimum pensions (GMPs). This process is called “GMP equalisation”. The GMP is a slice of benefit which schemes […]
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May 25, 2018
With effect from 25 May 2018 the European General Data Protection Regulation (“GDPR”) will come into force. It will implement a number of significant changes in relation to the way personal data is held and processed.
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Apr 4, 2018
With effect from 26 March 2018 People 1st were no longer an active Employer in the ITB Pension Funds.
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Aug 26, 2015
For the latest summary funding position based on the latest actuarial valuation please see the ‘Library’ section of this website. The Summary Funding Statement sets out how the Scheme’s funding position has changed since the last full actuarial valuation.
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May 9, 2014
You may have seen press coverage of the radical changes announced in the 2014 Budget. The implications of these changes are still being considered by the Trustees, but individual members may want to consider if their plans may be affected. The link below is purely for information purposes and is to a copy of a […]
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