General Information
News Archive
Here you can find some of the articles that have appeared on the scrolling news items. Not all articles are stored here and if you can't see what you need, please contact your Pensions Officer.
Comparison of Actuarial Factors for Defined Benefit members
This announcement affects some members of the C, N, DSL and I Plans. The actuarial factors used to convert ASC/AVC and Money Purchase Transfer-in funds to pension are changing with effect from October 2008. You can read the announcement dated 8 Jul...
http://www.smartpensionsuk.co.uk/index.php/594/629/comparison-of-actuarial-factors-for-defined-benefit-members" title="Comparison of Actuarial Factors for Defined Benefit members
Lifestyle and current market conditions
The current market conditions have affected the way the Lifestyle switching process works for members of Defined Contribution schemes (and Defined Benefit schemes with ASCs and/or AVCs) who are within the switching period. The Lifestyle p...
http://www.smartpensionsuk.co.uk/index.php/594/658/lifestyle-and-current-market-conditions" title="Lifestyle and current market conditions
Member Nominated Director retires from IBM
Gavin Wilson, one of the four Member Nominated Directors (MNDs) on the Trustee Board, retired from IBM on Friday 5 June. Under the election arrangements put in place in 2007, Gavin will continue as an MND....
http://www.smartpensionsuk.co.uk/index.php/594/696/member-nominated-director-retires-from-ibm" title="Member Nominated Director retires from IBM
Equitable Life Update
There has been a lot of media coverage about Equitable Life since the Parliamentary Ombudsman, Ann Abraham, issued the report into the Regulation of Equitable Life in the period up to 2001, in July 2008. The report makes a number of recommendations, incl...
http://www.smartpensionsuk.co.uk/index.php/594/627/equitable-life-update" title="Equitable Life Update
Change to Defined Benefit Factors
This announcement affects some members of the C, N, DSL and I Plans. The factors used in pension calculations are regularly reviewed by the Trustee’s advisers.They make certain assumptions about the future, particularly in relation to longevity and...
http://www.smartpensionsuk.co.uk/index.php/594/616/change-to-defined-benefit-factors" title="Change to Defined Benefit Factors
Changes to Pension Plans following Age Discrimination Legislation
A number of changes to the pension plans have been agreed between the Company and the Trustee, following a review of the effects of the Employment Equality (Age) Regulations 2006 on the Plan benefit structure. The main changes are as follows: D...
http://www.smartpensionsuk.co.uk/index.php/594/650/changes-to-pension-plans-following-age-discrimination-legislation" title="Changes to Pension Plans following Age Discrimination Legislation
Friends Provident re-introduce some MVRs
With effect from midnight on 20 October 2008, Friends Provident re-introduced a Market Value Reduction (MVR) on some withdrawals from their With profits policy. The MVR will apply to withdrawals for early retirements, late retirement...
http://www.smartpensionsuk.co.uk/index.php/594/653/friends-provident-re-introduce-some-mvrs" title="Friends Provident re-introduce some MVRs
IBM Rewards
The IBM Rewards scheme is now available to Retirees. You can receive discounts from many high street shops, supermarkets and cinemas. Click here to view the leaflet....
http://www.smartpensionsuk.co.uk/index.php/594/662/ibm-rewards" title="IBM Rewards
Lifetime Allowance and Annual Allowance
In the Chancellor's Pre-Budget Report on 24 November, it was announced that 'to ensure fairness, affordability and sustainability of tax reliefs', both the Standard Lifetime Allowance and the Annual Allowance will remain at their 2010/11 rates for a perio...
http://www.smartpensionsuk.co.uk/index.php/594/663/lifetime-allowance-and-annual-allowance" title="Lifetime Allowance and Annual Allowance
Fund Watch
The copies of Fund Watch for the BlackRock and L&G funds as at 31 March 2009 are now available....
http://www.smartpensionsuk.co.uk/index.php/594/694/fund-watch" title="Fund Watch
Primary Protection deadline letter
5 April 2009 deadline for pension benefit protection – clarification A letter has been issued to members at their home address recently reminding them that they have until 5 April 2009 to apply for Primary Protection of pension benefits wit...
http://www.smartpensionsuk.co.uk/index.php/594/665/primary-protection-deadline-letter" title="Primary Protection deadline letter
Pension Plan changes
There are some changes to the pension plans that are currently being implemented that you may wish to take advantage of. The changes mainly affect members of the M Plan (including the Enhanced M Plan) but some Defined Benefit members (C, N, I a...
http://www.smartpensionsuk.co.uk/index.php/594/676/pension-plan-changes" title="Pension Plan changes
John McLean appointed to Trustee Board
John McLean, Vice President, WebSphere Connectivity Development and Director of IBM Hursley Laboratory has been appointed as Director of the Trustee Board with effect from 11 December 2008. John replaces Graham Spittle who has changed roles within IBM...
http://www.smartpensionsuk.co.uk/index.php/594/669/john-mclean-appointed-to-trustee-board" title="John McLean appointed to Trustee Board
Equitable Life Compensation Announcement
You may be aware that a scheme to partially compensate some policyholders who lost money in The Equitable Life Assurance Society has been announced by the government. The Trustee and its advisers are continuing to monitor the situation but at this point,...
http://www.smartpensionsuk.co.uk/index.php/594/675/equitable-life-compensation-announcement" title="Equitable Life Compensation Announcement
C Plan Supplement Consultation Letters
Following the introduction of age discrimination legislation in 2006, the Trustee has been consulting with the Plan Actuary to reach an alternative calculation for the C Plan Supplement which was considered to be in breach of the age discrimination l...
http://www.smartpensionsuk.co.uk/index.php/594/673/c-plan-supplement-consultation-letters" title="C Plan Supplement Consultation Letters
Friends Provident announce Bonus and changes to the MVR
Friends Provident announced on 8 January 2009 that the annual bonus declaration for 2009 reduced from 1.9% to 1.75%. Final bonuses have also been reduced and may now be zero. In addition, the Market Value Reduction for early disinvestment, other than at ...
http://www.smartpensionsuk.co.uk/index.php/594/672/friends-provident-announce-bonus-and-changes-to-the-mvr" title="Friends Provident announce Bonus and changes to the MVR
C Plan Supplement changes
The consultation process for the changes to the C Plan Supplement is now complete and there were no representations received from members. There were two categories of members and letters have been sent to members to confirm that the...
http://www.smartpensionsuk.co.uk/index.php/594/679/c-plan-supplement-changes" title="C Plan Supplement changes
Fund Switches between 6 - 16 July
The changes that are being made to the Cash Fund mean that there will be no trading of the Cash Fund between Monday 6 July and Thursday 16 July inclusive. This will also mean that there will be a delay in implementing switch requests that involve the C...
http://www.smartpensionsuk.co.uk/index.php/594/716/fund-switches-between-6-16-july" title="Fund Switches between 6 - 16 July
Sale of Barclays Global Investors
BlackRock PLC has announced that it has accepted an offer for BlackRock Advisors (UK) Limited (BlackRock) from US fund management firm BlackRock.The sale is expected to complete within fourth quarter this year, although it is still subject to shareh...
http://www.smartpensionsuk.co.uk/index.php/594/707/sale-of-barclays-global-investors" title="Sale of Barclays Global Investors
Friends Provident reduce MVR
Friends Provident have announced that with effect from 3 August 2009, the Market Value Reduction (MVR) for withdrawals other than at Normal Retirement Age or death, has been reduced from between 0% to a maximum of 13% (previously 15% since 9 January 2009)...
http://www.smartpensionsuk.co.uk/index.php/594/722/friends-provident-reduce-mvr" title="Friends Provident reduce MVR
Change to the L&G Cash Fund
The Legal & General Cash Fund is being closed and existing investments are being transferred to a new Cash Fund. This change affects M Plan members who have investments in the Cash Fund and Defined Benefit members who may have ASCs or AVCs ...
http://www.smartpensionsuk.co.uk/index.php/594/706/change-to-the-lg-cash-fund" title="Change to the L&G Cash Fund
Report and Accounts
The 2008 Report and Accounts are now available for the IBM Pension Plan and IBM IT Solutions Pension Scheme....
http://www.smartpensionsuk.co.uk/index.php/594/697/report-and-accounts" title="Report and Accounts
Acquisition of Friends Provident
On 11 August the Boards of Resolution and Friends Provident announced the recommended acquisition of Friends Provident by Resolution Holdings Limited. The Trustee and its advisers will monitor the progress of this merger and any impact for investors. ...
http://www.smartpensionsuk.co.uk/index.php/594/723/acquisition-of-friends-provident" title="Acquisition of Friends Provident
Member Nominated Director resigns
Dear Member Dr Brian Marks has resigned as a Trustee Director. Brian has put a great deal of time, thought and energy into being a Member Elected Director and more recently a Member Nominated Director and I am sorry that he has resigned. The Trustee ha...
http://www.smartpensionsuk.co.uk/index.php/594/730/member-nominated-director-resigns" title="Member Nominated Director resigns
2008 Members' Reports
The 2008 versions of the Members' Reports are now available for downloading. Hardcopies have been distributed to home addresses of all active and retiree members....
http://www.smartpensionsuk.co.uk/index.php/594/728/2008-members-reports" title="2008 Members' Reports
Friends Provident reduce MVR again
Friends Provident have announced that with effect from 11 September 2009, the Market Value Reduction (MVR) for withdrawals other than at Normal Retirement Age or death, has been reduced from between 0% to a maximum of 10% (previously 13 % since 3 Aug...
http://www.smartpensionsuk.co.uk/index.php/594/729/friends-provident-reduce-mvr-again" title="Friends Provident reduce MVR again
Recent Company pension proposals
I would like to advise you that the Trustee is aware of the pension proposals announced on Tuesday 7 July 2009 by IBM. The Trustee notes that there is a consultation process with employees and that this process will extend through to October 2009. The Tru...
http://www.smartpensionsuk.co.uk/index.php/594/718/recent-company-pension-proposals" title="Recent Company pension proposals
The Annual Allowance and your Tax Return
If you require information about the statutory Annual Allowance to complete your tax return for 2008/09, you should contact Pension Services for details. The Annual Allowance restricts the amount of contributions to all pension plans in any one tax year ...
http://www.smartpensionsuk.co.uk/index.php/594/695/the-annual-allowance-and-your-tax-return" title="The Annual Allowance and your Tax Return
IBM wins Pension Quality Mark
The IBM Pension Plan (Defined Contribution Section) has been among the first of seven Defined Contribution schemes to be awarded the National Association of Pension Funds' Pension Quality Mark. The award has been given based on the level of con...
http://www.smartpensionsuk.co.uk/index.php/594/731/ibm-wins-pension-quality-mark" title="IBM wins Pension Quality Mark
Early Retirement Window
Details of the information you will receive from Pensions Services about the Company's early retirement window can be found in the employee only area of the website. You must sign in using your IBM intranet details in the box on the top ri...
http://www.smartpensionsuk.co.uk/index.php/594/742/early-retirement-window" title="Early Retirement Window
Result of the Member Nominated Director Election
Following the recent election for a MND for the Trustee Board, which has responsibility for the IBM Pension Plan and the IBM IT Solutions Pension Scheme, the result was as follows:Elected: Robert Tickell Runner up: Melissa Bailey3rd: P...
http://www.smartpensionsuk.co.uk/index.php/594/746/result-of-the-member-nominated-director-election" title="Result of the Member Nominated Director Election
BlackRock merger with Barclays Global Investors
It was announced on 1 December that the merger of BlackRock and Barclays Global Investors has been completed. The combined firm is the world's largest asset manager with more than $3,000 billion assets under management. It will operate under t...
http://www.smartpensionsuk.co.uk/index.php/594/762/blackrock-merger-with-barclays-global-investors" title="BlackRock merger with Barclays Global Investors
Information about Early Retirements in 1Q 2010
Retirements between February and April 2010 If you have been made an offer early retirement with an effective date of 5 February, 5 March or 5 April 2010 and accepted; the following provides details of what you can expect to receive from Pensions S...
http://www.smartpensionsuk.co.uk/index.php/594/766/information-about-early-retirements-in-1q-2010" title="Information about Early Retirements in 1Q 2010
Electing Matched Contributions?
M Plan members (excluding Enhanced M Plan) can elect 1% or 2% Matched Contributions during the current You* enrolment period. Each 1% that is elected by you will be matched by the Company. If you have previously elected Additional Smart* Contributions (A...
http://www.smartpensionsuk.co.uk/index.php/594/770/electing-matched-contributions" title="Electing Matched Contributions?
Trustee announcement about C Plan issues
The Trustee has made a further announcement about C Plan issues. Current employees can read the announcement here. You will need to be logged in at the top right hand box, using your IBM intranet user id and password, in order to read the...
http://www.smartpensionsuk.co.uk/index.php/594/760/trustee-announcement-about-c-plan-issues" title="Trustee announcement about C Plan issues
2010 Pension Increases
The pension increases that will be awarded in April 2010 have been announced. In some plans, the recorded Retail Price Index figure on which any increase is based was negative and in these elements of pension, no increase has been awarded....
http://www.smartpensionsuk.co.uk/index.php/594/777/2010-pension-increases" title="2010 Pension Increases
Friends Provident remove Market Value Reduction
Friends Provident have announced the removal of the Market Value Reduction (MVR) on the With Profit funds used by some IBM members for the investment of Additional Vountary Contributions (AVCs). This includes for withdrawal for alternative disinvest...
http://www.smartpensionsuk.co.uk/index.php/594/771/friends-provident-remove-market-value-reduction" title="Friends Provident remove Market Value Reduction
2010 Pension Benefit Statements
The 2010 Pension Benefit Statements were issued over two weeks commencing 21 June. Please allow three weeks for the distribution to be completed and if you have not received your statement after this time, please contact Pensions Services....
http://www.smartpensionsuk.co.uk/index.php/594/787/2010-pension-benefit-statements" title="2010 Pension Benefit Statements
Equitable Life update
On 22 July 2010, Mark Hoban the Financial Secretary to the Treasury announced to Parliament that the Government had published Sir John Chadwick's report on the Equitable Life payment scheme. Details of the total funds available will be published in O...
http://www.smartpensionsuk.co.uk/index.php/594/802/equitable-life-update" title="Equitable Life update
Recent Government announcement about RPI and CPI
In the light of the recent announcement by the Government about the future use of consumer prices rather than retail prices to increase some benefits, tax credits and public sector pensions, the Trustee is reviewing the rules of the IBM Pen...
http://www.smartpensionsuk.co.uk/index.php/594/793/recent-government-announcement-about-rpi-and-cpi" title="Recent Government announcement about RPI and CPI
2009 Report & Accounts
The 2009 Report & Accounts for both the IBM Pension Plan (Main Plan) and the IBM IT Solutions Pension Scheme (I Plan) are now available for download here. ...
http://www.smartpensionsuk.co.uk/index.php/594/790/2009-report-accounts" title="2009 Report & Accounts