pensions news 2010 - ICI Pension Fund

pensions news 2010
In this issue
• Financial summary
• Actuarial update
• Investment review
• How the Fund is
invested
• Our new Trustee Director
• Becoming a Member
Nominated Director (MND)
• Secretary’s postbag
• What a new UK
Government means
for pensions
• Fund news and updates
• Fund help and information
• Trustee team
OCTOBER 2010
David Gee
Chairman,
ICI Pensions
Trustee
Limited
Chairman’s message
Welcome to Pensions
News 2010. I am very
pleased to confirm that a
pension increase of 4.8%
was awarded to the
pensioners of the Fund this
year, in stark contrast to
last year’s position when no
increase was awarded for the
first time in over 40 years. This
is because pension increases
are determined by the rate of
the Retail Price Index (RPI) for
July of each year.
This year has seen further
recovery of the Fund’s
position following the
economic upheaval of the
last two years. The Fund’s
assets have grown steadily
this year, increasing by
£752 million. In the
background, the Trustee
has been reviewing its
processes and practices
in order to ensure that
the management of the
Fund remains efficient
and effective. The Fund
Secretariat, Pensions
Secretariat Services, which
became independent of the
Company two years ago is
now firmly established and
continues to develop the
range of support it provides
to the Board.
This year has also marked
some changes in the team
responsible for running the
Fund. Firstly, we have a new
Member Nominated Director,
Sue McMahon (you can
read her first impressions of
the Fund on page 4). I hope
reading about her experience
will inspire some of you to
consider applying for a role as
a Trustee Director in future.
We also have a new Scheme
Actuary, David Donneky,
replacing Robert Hails who
is due to retire, having
worked with this Fund for
over 25 years.
But there are always new
challenges ahead, a new
Government means new
policies and the Trustee
is busy monitoring new
legislative proposals for
pensions and assessing how
this may impact members
of the Fund. Our work will
continue and, next year, we
shall be expanding the scope
of our Fund website to inform
members more quickly of
key developments and to
encourage members to put
themselves forward as
Trustee Directors.

Financial summary
These figures
have been
extracted from
the Fund’s
Annual Report
and Accounts,
as audited by
KPMG LLP
Ins and outs of the Fund for the year to 31 March 2010
How the money came in £m
• Contributions 197
• Investment income 110
Total income 307
How the money went out
• Pensions -475
• Cash lump sum in exchange for pension -22
• Transfers to other funds -10
Total expenditure -507
Change in the Fund
•Balance of income and expenditure -200
•Change in market value 952
Total change in the Fund 752
Total assets • £7,416 million
2
Robert Hails
Previous
Scheme
Actuary
Actuarial update
The 2008 formal valuation of the Fund was
signed off in March 2009 and the revised
contribution levels were introduced with
effect from 1 May last year. The Summary
Funding Statement, being distributed with
this edition of Pensions News, includes details
of the approximate update of the financial
position of the Fund as at 31 March 2010.
The Summary Funding Statement is part of
the Trustee’s process for monitoring progress
against the agreed funding plan and how
our assumptions about life expectancy
compare with the developing experience of
ICI Fund pensioners.
Payment of the agreed deficit contributions
by the Company, along with the favourable
investment performance since March 2009,
have improved the Fund’s financial position,
although economic conditions remain
uncertain. The contribution levels will be
reviewed as part of the next formal actuarial
valuation of the Fund, which is due to be
carried out as at 31 March 2011.
Responsibility for undertaking the 2011
formal valuation will pass to my colleague
David Donneky, in anticipation of my
forthcoming retirement. My retirement will
draw to a close my association with the Fund,
which has spanned more than 25 years,
having begun in 1985 when I joined R Watson
& Sons, including the role as the appointed
Scheme Actuary to the Fund since 1999.
David, who has now formally been appointed
as Scheme Actuary to the Fund, brings
considerable experience to the
role, having worked as an
actuarial consultant for over
28 years with (what is now)
Towers Watson and as the
lead pensions consultant and
scheme actuary to some of
Towers Watson’s largest
pension schemes, with
combined assets approaching
£40 billion.
David
Donneky
New Scheme
Actuary

Investment review
for the year ending March 2010
There has been strong short-term recovery in financial markets
since March 2009, particularly in the fast growing economies
of Asia and Latin America. However, the slowdown in the
recovery of the UK economy in the second quarter of 2010 has
raised concerns about the future.
The Trustees continue to monitor the investment strategy
to make sure it’s robust in these times of challenging market
conditions. The Fund’s performance recovered over the year
– it maintained its lower-risk investment strategy, which aims
to match expected future cashflow out of the Fund, whilst
minimising volatility in the Fund’s value. Even though this
strategy limited the impact of the improvements in equity
markets on the Fund’s value during the year, it also means the
Fund is better protected during financial downturns. This was
evident from our experience during the significant downturns
experienced in 2001-2003 and 2007-2009 when the Fund
weathered the financial storms better than many other
pension funds.
The Fund’s performance
The Fund’s performance is measured against benchmarks
set by the Trustee Board – they measure how well each
investment manager has performed. The table below shows
the total performance of the Fund’s investment managers
over one, three and 10-year periods. You’ll notice that the
investment managers over the year to 31 March worked well,
outperforming their benchmarks.
Dramatic changes in investment markets, such as those
occurring between 2007 and 2010, emphasise the importance
of judging pension fund performance over long periods of
time. Over the past 10 years the Fund has delivered a positive
return 1% ahead of its benchmark.
How the Fund is invested
Note:
investments in
pooled funds
are included
in the nearest
equivalent
asset class.
2%
13%
5% 3%
8%
69%
• Inflation-protected bonds
• Fixed-interest bonds
• UK equities
• Global equities
• Emerging market/high yield
and global bonds
• Other
ICIPF – Performance vs Fund benchmark
Year to Last 3 years Last 10 years
31 March 2010
Actual 15.6% 6.6% 5.5%
Benchmark 9.0% 8.0% 4.4%
3

Our new Trustee Director
Sue
McMahon
Trustee
Director
Sue McMahon joined the
Trustee Board of the Fund
in June this year.
Sue joined ICI in 1986 as a
graduate trainee within the
‘Engineering Department’.
During her 12 years with the
Company she enjoyed various
engineering and technical
management roles. In the late
1990s, as ICI restructured,
Sue returned to university to
study for a Masters Degree
in Business Administration
(MBA) and subsequently
worked at director level in a
range of businesses before
giving up full-time work two
years ago. Sue’s interests
include hiking and gardening,
and she has recently learned
to play Bridge.
What attracted
Q
you to the role of
Trustee Director?
A: Having given up full-time
work I was looking for an
opportunity to continue to
use my business skills, but
on a much more ‘part-time’
basis. In considering our
own financial position, my
husband and I had learned
quite a bit about pensions,
and through this process
I had come to appreciate
what a fantastic scheme the
ICI Pension Fund was. When
I saw the invitation in last
year’s Pensions News
I couldn’t resist.
What are your
Q
impressions of the
Trustee Director role so far?
A: Whilst the role is a
demanding one (the ICI Fund
is one of the largest private
pension schemes in the UK,
and the complexity is no
less than that of any large
business), I’m part of a very
capable team and the training
and support I have received
have been excellent. I would
also say that, based on my
impressions so far, the interest
and the learning from this
role will be on a par with any
other Non-Executive Director
Role I might have taken. It
has already brought me into
contact with some of the best
legal and financial advisors in
the UK, as well as senior
civil servants.
What skills do
Q
you expect to gain
from your role as a
Trustee Director?
A: I suppose the most
obvious areas of potential
learning from this role are
the development of financial
understanding, and also
exposure to the principles of
Corporate Governance which
might apply to any large
financial entity. I perhaps
didn’t anticipate beforehand
the range of legal issues
I would come into contact
with as a member of the
Trustee Board, and I find
the briefings from legal
advisors invaluable.
Over my five-year period in
office I expect to learn quite a
lot about Trust and Pensions
law! It’s also nice to be part
of such a varied team in terms
of both the personalities and
backgrounds. The Trustee
Board is currently 12 strong
and my fellow Directors have
many years of Trustee Board
experience between them.
The culture is very much
one of collaboration and
consensus building.
How are UK
Q
pensions changing?
A: I think that I have probably
come on to the pensions
scene at one of the most
interesting and challenging
times. Not a month seems
to go by without some new
information or potential
changes to legislation coming
to light. Recent examples
include the end to compulsory
retirement ages, changes to
State pension qualifying age,
the Government’s stated
intent to change the financial
index used to govern
increases to public sector
pensions, and the legal
requirement to purchase
annuities by age 75. The list
seems to go on and on.
4

Becoming a Member-Nominated
Director (MND)
As each new ‘story’
breaks, the ICI Pension
Fund Board, supported by
professional advisors and the
full-time Secretariat team,
swiftly moves into action to
understand not only what
the immediate impact might
be on our Fund members,
but also to anticipate
what other changes might
logically follow. They ensure
that appropriate lobbying
takes place to defend Fund
members’ interests.
Q
What do you
see as the most
important qualities of a
Trustee Director?
A: Being a Trustee Director
is essentially about looking
after other people’s property
and interests, so basic honesty
and the wish to ‘do the right
thing’ have to be high on the
list. Beyond that I think it’s
probably natural curiosity and
the ability and appetite to
continue learning. Even the
Trustee Directors who have
been performing the role for
some time have to continually
rise to the challenge of ever
more complex legislation, a
rapidly changing economic
landscape, and an increasing
choice of potential investment
vehicles. Finally, I think it’s
about being able to fit in
as part of a team whilst
maintaining your ability to
think independently.
Are you interested in becoming a Member-Nominated
Director (MND) of the ICI Pension Fund? It is an
opportunity to be involved in running one of the biggest
funds in the UK and would be of interest to anyone who
enjoys a challenge and working a part of team.
What does being a MND involve?
Commitment
Being a MND nowadays typically involves devoting at
least 15 days a year to attending Trustee Board meetings,
committee meetings and training events, with as much
time again needed to study papers in advance. Due to
the complex nature of pension schemes, all Trustee
Directors of the Fund are required to successfully complete
the Pension Regulator’s trustee toolkit within 12 months
of their appointment.
Development
Training on all aspects of the role and the key decisions
that you will need to make as part of the Trustee Board is
provided to all Trustee Directors. In addition, the Company
supports the Fund by allowing Trustee Directors who are
Company employees time off from their normal duties
and, since 2005, has also paid pensioner directors to
compensate for the time required.
To find out more about what is involved in being on
a trustee board, you can visit the Pensions Regulator’s
website at www.thepensionsregulator.gov.uk and, in
particular, their training website www.trusteetoolkit.com
What is the application process?
To be nominated as a MND, you must be a contributing
member, deferred member or pensioner member of the
Fund. You will also need to provide proof that three other
Fund members support your nomination for this role.
Once we have received your nomination, it will remain
valid for three years.
Once a vacancy arises, we will ask you to complete
a detailed questionnaire which will be the basis of the
selection process.
If you are interested in applying for a role as a MND,
please contact ICI Pensions Services who will send you
a detailed information pack on the nomination and
selection process. Full instructions about how to apply are
included in this pack. Anyone wishing to put forward their
nomination for the role should do so by 31 March 2011.
5

Secretary’s postbag: Q&As
I am not married to
Q
my partner, can I be
sure that the Fund will
look after my partner if
I die first?
A: If you are not married
but have a partner, they
may still be able to obtain
a nominated dependant’s
pension. However, this is not
payable automatically. Your
partner will have to apply for
this benefit and show that
they meet all the relevant
criteria set out in the Fund
Rules. In broad terms, this
means they will have to show
that they were financially
dependent on you at the
time of your death and also
that they cannot meet their
future living expenses without
assistance from the Fund.
Other eligibility rules also
apply, so this means there is
no guarantee that they would
receive a pension. Where
a nominated dependent’s
pension is awarded, they
may not receive the same
level of pension that would
have been paid automatically
under the Fund Rules to
your spouse, had you been
married. (Special rules apply
to marriages of less than six
months and civil partnerships.)
If the Trustee awards a
nominated dependant’s
pension, they will give your
partner a sum to cover his
or her core living expenses
(determined by the Trustee
and subject to the maximum
amount specified in the
Fund Rules). In general, ‘core
living expenses’ are the
costs required to meet
day-to-day living expenses.
The Trustee will take into
account your partner’s
individual circumstances in
determining the total of his
or her core living expenses.
Decisions on nominated
dependant’s pensions are
made based on your partner’s
eligibility at the time of your
death, so we cannot say in
advance whether he or she
would qualify and, if so,
how much pension would
be payable.
Q
I
want to take early
retirement but I have
been told that I can’t.
Don’t the Fund Rules say
I am allowed to retire early
if I want to?
A: The Fund has a provision
that allows members to take
early retirement from age
50, subject to a reduction
being applied to the benefits
to allow for the fact that the
pension is being taken early
and, therefore, is expected to
be payable for a longer period
(for a small group of members
who left the Fund and
rejoined after 6 April 2006,
the minimum age is 55).
Although this right is in the
Fund Rules, there are some
circumstances where the
Trustee may be unable to pay
out your pension early
on request.
The Fund is ‘contracted
out’ of the additional state
pension, commonly known
as the State Second Pension
(S2P) and formerly known as
the State Earnings Related
Pension Scheme (SERPS).
This means that the Company
has chosen not to pay
contributions into the S2P on
behalf of its members. The
rate of National Insurance
contributions paid by active
members of the Fund is also
reduced as a consequence
of this decision. One of the
conditions of ‘contracting
out’ is that the Fund must
ensure that any pension put
into payment is broadly the
same as the pension that you
would have received from
State Pension Age (SPA) if you
had continued to pay into the
additional state pension for
service prior to 6 April 2007.
This minimum entitlement
is known as a Guaranteed
Minimum Pension (GMP).
The legislation that governs
‘contracting out’ of the S2P
takes precedence over the
Fund Rules. This is called
overriding legislation.
This means that this law
must be complied with
even if the Fund Rules say
something different.
Prior to September 2009
it was Trustee practice to
6

put a nominal pension into
payment when a member
applied for early retirement
and their benefits (after
applying a reduction for early
payment) were projected to
be insufficient to cover the
GMP at SPA. However, this
practice was not required by
law. It required a member’s
benefits to be recalculated
and adjusted for the future
when they reached SPA, to
take account of the fact that
a nominal pension had been
paid up to that point and the
pension payable from SPA
must be at least equal to the
member’s GMP. This often
resulted in the removal of any
tax free lump sum option and
the initial pension payable to
a member being significantly
lower than he or she would
have expected.
Since September
2009 (based on actuarial
assessment and after taking
further legal advice), the
Trustee has withdrawn this
practice in cases where
member entitlements are
projected to be insufficient to
meet their GMP at SPA after
the early retirement reduction
has been applied. However,
this will generally depend on
the nature of the member’s
individual benefits and how
long before normal retirement
age he or she wishes to retire.
Why are some
Q
retirement quotes
lower than previous quotes
I have received?
A: When requesting quotes
for early payment of your
deferred benefits, the amount
of pension quoted reflects
the value of your benefits
at that particular point in
time. In common with all
other final salary schemes,
this calculation is done using
the actuarial factors in force
at the time the quote was
requested. The amount of
pension quoted will also
reflect the reduction applied
to any benefits paid before
normal retirement age,
taking into account that
they are expected to be paid
for longer.
These actuarial factors take
into account things like the
level of return/profit the Fund
may expect to receive on its
investments, the estimated
level of inflation and interest
rates that may be applicable
during the period until the
member retires and the period
that the member is expected
to receive his or her pension
(this will, for example,
influence the increases made
to that pension before and
after it is paid). The Trustee
is required by law to take
advice from an actuary on
these factors and to review
them regularly, taking into
account changes in the
economic environment.
A previous edition of
Pensions News informed
members that the future
revaluation of deferred
benefits would be done in line
with the strict application of
the Fund Rules and legislative
requirements. Some members
may find that the net effect of
the changes in the revaluation
of deferred benefits and the
actuarial factors has reduced
the value of their pension,
compared with previous
quotes received, even though
the early retirement reduction
is lower because the member
is closer to their normal
retirement age.
Why is Pensions News
Q
now being printed on
lighter-weight paper?
A: Since Royal Mail introduced
different charges for large and
standard size mail, the cost of
posting Pensions News (which
was previously issued in an
A4 sized envelope) has risen
significantly. So, last year, the
Trustee decided to reduce
the postage costs for issuing
Pensions News by folding the
newsletter so that it would
fit into an A5 sized envelope
and therefore be classed as
standard-size mail. To fold
Pensions News in this way,
we had to switch to
lighter-weight paper.
Introducing this change can
save the fund up to 35p per
letter in postage costs and
for a Fund with over 65,000
members, that can represent
a significant cost saving. Last
year we saved over £20,000
in this way.
7

What a new UK Government means for pensions
The new coalition
Government has proposed
some significant changes to
UK pension saving laws,
which will be subject to
consultation before becoming
law. Please note, the articles
below are intended to give
members an overview of the
current proposals. However,
the extent to which the
Fund members will be
affected will depend on
the final proposals that
become law and the
individual circumstances of
affected members.
8
Changes to the
calculation of
pensions increases
Earlier this year the
Government announced
proposals to change statutory
rules when calculating
inflation-linked pension
increases for private-sector
pension schemes. The
announcement indicated that
they would replace the Retail
Price Index (RPI) with the
Consumer Prices Index (CPI).
Recent experience shows that
the CPI tends to give lower
increases over time. However,
at present it is not clear if
the proposals will affect our
members’ rights under the
Fund Trust Deed & Rules.
The Trustee is monitoring
the situation and is waiting
for full details from the
Government so that we can
assess the potential impact on
the Fund. We will write to you
if we consider that there is
an imminent change to
members’ benefits. In the
meantime, please check the
website regularly.
Changes to tax relief
To help simplify pension
tax relief rules, the
Government is planning to
restrict pension tax relief from
6 April 2011 by reducing the
annual allowance (currently
£255,000) to £50,000 a year.
This measure would replace
the higher-earners pension
tax regime which the Labour
Government had intended to
bring into effect in April 2011.
The anti-forestalling regime,
which impacts those earning
£130,000 and above, will
remain in force for pension
contributions until April 2011.
This reduced annual
allowance figure will impact
significantly more people who
are saving for retirement.
Members should remember
that these limits will affect
all retirement savings, not
just your benefits in the
ICI Pension Fund.
Phasing out of the
default retirement age
The default retirement age of
65 could be phased out from
October 2011, meaning that
your employer will no longer
be able to insist that workers
retire at age 65.
Remember that these
proposals are subject
to consultation. We’ll
keep you informed of
any changes that affect
you and the Fund via
the website. In the
meantime, if you think
that you might be
affected, you should
seek independent
financial advice.

Membership
Member profile
As at 31 March 2010, the
total Fund membership was
65,711, the breakdown of
the figures for pensioners,
deferred members and
contributing members are
shown opposite along with
the age profile of the Fund.
2010
18%
1%
Age profile as at 31 March 2010
The graph below adds more detail to the membership figures by setting out
the number of members within age bands.
Age range • Contributing • Deferred • Pensions in
members members payment
1-9 0 0 6
10-19 0 0 51
20-29 1 11 8
30-39 49 1,252 17
40-49 183 5,048 169
81%
50-59 167 4,614 2,561
60-69 16 1,070 13,555
Total: 65,711
70-79 0 82 18,927
2009
1%
80-89 0 17 15,155
90-99 0 1 2,691
19%
100-109 0 0 59
110-119 0 0 1
80%
Totals 416 12,095 53,200
Total: 67,417
• Pensioners
• Deferred members
• Contributing members
9

Fund news and updates
10
Get a
of your pension onlinene
for active members
of your pension online
for deferred members
of your pension online
for pensioners
What’s new in the Trustee Board
One member of the Trustee Board left during
the year – a big thank you goes to Alf Friston
for his valuable services as a Trustee Director
over the last 18 years. We are pleased to
welcome Sue McMahon, who is our new
Member-Nominated Director – go to page 4
to see what she has to say about being
a Trustee.
What’s new with benefit
statements
Contributing members received new and
improved benefit statements in August, giving
a clear breakdown of their retirement benefits
from the Fund. If you’re a contributing
member, use your statement to make sure
you’re on track for your ideal retirement.
Managing your pension online
Managing your pension is becoming even
easier. The most recent updates to our
electronic pensions administration (ePA)
system enable you to:
•Update your address details online
Deferred and Pensioner members can now
update their address through ePA, there is
no longer any need to inform ICI Pensions
Services in writing.
•Reset your password
Resetting your password on ePA is now
very simple, and available to all members –
you can do it yourself at the click of a button.
•Find out about your pension increases
Deferred and Pensioner members are
able to access their Pension increase
information directly through ePA. From next
year onwards, deferred members should
visit ePA to view their Pension increase
information as letters will cease to be issued
by post. Pensioner members will continue
to receive their letters in the post alongside
Pensions News, as well as the information
being available on ePA.
• Update your Expression of Wish and
Nominated Dependant details
Contributing members can go online to
make changes to their nominations. Your
nomination helps the Trustees decide who
to pay benefits to in the event of your death.
Trustee resolution required
In certain limited circumstances the Fund
Trust Deeds & Rules allow the Trustee to
make payments from the Fund’s assets to
the Company. For example, in the event
of the Fund winding up, the Rules permit
a return of surplus assets in the Fund to
the Company once all benefits have been
secured in full. However, recent
legislation may have the unintended
consequence of removing these powers
if the Trustee does not pass a resolution
to continue them.
Having considered the issue, we believe
that it is in members’ interests for the
Trustee to retain the power to make such
payments. In particular, the Company
may be discouraged from making
adequate contributions to the Fund,
if they could argue that the Trustee would
be unable to refund any surplus assets in
the event of the Fund winding up.
For this reason, the Trustee is minded
to exercise its power under section 251(3)
of the Pensions Act 2004 by passing a
resolution, allowing the Trustee to retain
its existing powers in relation to payments
to the Company from the Fund’s assets.
This legislation requires that we notify the
membership of our intention.
Please note that this resolution is
simply a technical requirement in order
to retain the Trustee’s current powers. No
changes to the Rules are proposed. You
will not suffer any detriment because of
these legislative changes or this proposed
resolution, nor are you required to take any
action as a result of this notice. We expect
to pass the resolution by 31 March 2011.

Fund help and information
ePA – online access to
your pension details
Remember that you have
online access to your personal
pension information.
ePA (electronic pensions
administration) is the easy
way to access your pension
information. You can log in
to ePA from the homepage of
the Trustee website at
www.icipensionfund.org.uk
You will need your User ID
and password to access ePA.
Don’t have your log-in
details?
If you have misplaced your
log-in details, please contact
the Pensions Helpline on
01707 607 500.
Whilst we continue to offer
helpline facilities, ePA gives
you access to the same
up-to-date information the
Pensions Helpline can offer
you. Along with the Trustee
website, you have access
to everything you need to
know about your pension.
Your queries
If you have any queries about
your benefits, you can visit
the Trustee website at
www.icipensionfund.org.uk
which has a link to
access ePA.
If your query is not
answered by the Trustee
website or by logging in to
ePA contact ICI Pensions
Services at:
Tel: 01707 607 500
Address: ICI Pensions
Services
PO Box 545, Redhill
Surrey RH1 1YX
The Pensions Helpline is open
from 0900–1700, Monday
to Friday. Please have your
payroll number (on your
payslip) with you when you
call, as it will help us to
trace your record quickly.
Any change of address can
be made online using the
ePA system. Changes to
bank details must be given
in writing, due to the risk
of fraud. The ICI Pensions
Services team cannot alter
these details without
your signature.
Membership Secretary
All correspondence with
individual members is
handled by the Membership
Secretary Team.
Mrs Lorraine Davey
of Towers Watson
(Administrators) has
continued as Membership
Secretary during the year,
supported by the Membership
Secretarial team.
Pension Protection
Fund
The Pension Protection
Fund (PPF) provides a level
of compensation to eligible
final salary pension scheme
members should their pension
fund be wound up due to
company insolvency. Note
that the ICI Fund is currently
able to meet its liabilities.
There are no plans to wind
the ICI Pension Fund up.
You can get more information
by writing to:
Pension Protection Fund
Knollys House
17 Addiscombe Road
Croydon
Surrey CR0 6SR
11

Trustee team
Trustee Board and Secretariat at the Trustee Annual Conference
Along with the Trustee, there are a team
of people who help to run our Fund:
from left to right: Helen James (Law Debenture),
Fred Gray, Kevin January, David Gee, Brian Bunt,
Ian Canham, Maria Cormican (Secretariat),
Derek Welch, Charles Amos (Secretariat), John
Fitzpatrick, Mike Smith (Secretariat),Wynne Turner,
Samantha Anthony (Secretariat), John Bloxsome
(Law Debenture), David Loose, and Sue McMahon.
Trustee Board as at 16 July 2009
David Gee Chairman, Pensioner °
Brian Bunt Pensioner *
Ian Canham Deferred Member ‡†
John Fitzpatrick Pensioner ‡†
Fred Gray Pensioner ‡*
Kevin January Contributing Member (ICI Paints) †
David Loose Pensioner †
Sue McMahon Deferred Member °
Wynne Turner Pensioner *‡°
Derek Welch Contributing Member (AkzoNobel) *
The Law Debenture Trust Corporation p.l.c. *†°
Membership Secretary
Lorraine Davey, Towers Watson Limited
The Board uses four committees to help in
the running of the Fund:
‡ Appeals Committee
* Investment Committee
† Policy & Administration Committee
° Strategic Risk Committee
Trustee team as at March 2010
Board Secretariat
Pensions Secretariat Services Limited
Principal Advisers
Scheme Actuary:
Robert Hails, Towers Watson Limited
Auditor:
KPMG LLP
Corporate Finance Advisers:
Ernst & Young LLP
Penfida Partners LLP
Investment Adviser:
Towers Watson Investment Consulting
Investment Managers:
Alinda Capital Partners LLC
Ashmore Management Company Limited
BlackRock Advisors (UK) Limited
Genesis Investment Management LLP
Intermediate Capital Managers Limited
M&G Investment Management Limited
PIMCO Europe Limited
Rogge Global Partners Plc
Southeastern Asset Management, Inc.
Custodian:
JP Morgan Europe Limited
Solicitors:
Allen & Overy LLP
Hammonds LLP
Bankers:
Barclays Bank PLC
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