GFTU BGCM Report 2019

PENSION SCHEMES

1 The GFTU manages directly a defined benefit pension scheme with two sections. One is for certain PCS employees. One is for GFTU and affiliates officials. 2 The GFTU promotes a defined contribution membership scheme for hotel and GFTU staff. 3 The Trustees of the GFTU scheme have reported good performance and the Triennial Valuation is underway. 4 The GFTU contributes £70,000 per annum to the deficit repayment of its scheme. 5 During the course of the year there were two major developments. The Trustees agreed to reconfigure the composition of the Trustees in the light of the real position of the scheme and best practice. A place on the Trust was allocated to the PCS as an employer but they did not wish to pursue this at this time. There are therefore two GFTU employer Trustees, a GFTU EC nominee, one GFTU active member Trustee and one employee active PCS Trustee.

6 The second major area of work was a comprehensive review of the investment strategy and detailed look pre valuation of all scheme factors. 7 Investment performance remains good. 8 Over this period pensions received their first newsletter detailing developments in the scheme. 9 All pensions in the GFTU scheme also received a completely comprehensive and updated deed and relevant rules. Our scheme lawyer Ivan Walker should be thanked for this work.

Pension Schemes | Page 49