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GFTU Pension Scheme

| Page 34

THE GFTU PENSION SCHEME

1.

This has been an extremely busy two years for the

Trustees.

2.

Due to its merger with IndustriALL and move

of a UK based central office location, one of the

employers sections of the scheme, the International

Garment and Leather Workers Federation had to be

wound up by virtue of Section 75 regulations and

passed to the Pension Protection Fund. Three years

of complex work on this transfer were completed in

2016.

3.

The pension scheme remains with two sections, the

GFTU and the PCS (former AMO) sections.

4.

The Executive Committee of the GFTU having

considered all aspects of the finances as carefully as

it could, along with the Trustees, agreed to close the

scheme to future accrual.

5.

The Executive Committee was also keen to ensure

that pensioners and actives in the two sections

were able to propose their own method of election

of Trustees and this process was eventually

commenced.

6.

Revised, consolidated handbooks and deed for the

scheme were agreed.

7.

The triennial valuation was conducted over this

period and a satisfactory outcome which identified

a reduced deficit in the GFTU Section and a shorter

repayment period was agreed.

8.

New administrative systems were introduced and

communication with pensioners and relevant

updating work were undertaken.

9.

Tenders for actuarial assistance were conducted and

Mercer and Co. were reappointed.

10. Tenders for accountancy work with the scheme

were undertaken and Sturgess Hutchinson were

appointed.

11. Tenders were undertaken for financial investments

and following considerable analysis and discussion

and a commissioned report, Legal and General

Investment Managers were reappointed with

a differently constructed portfolio investments.

Performance on investments has been strong.

12. Pensions payroll and administration was taken

back fully in house following a short period of staff

transition in 2015.

13. A new defined contribution pension scheme was

opened internally for staff at the hotel and nursery

and within the GFTU. This is also administered fully

by our finance team.