i io for pens nckiser (formerly Reckitt & Colman) Pen ners of the Reckitt Be sion Fund No. 49, December 2010 PENSION FUND TRUSTEES APPROVE £155m DEFICIT RECOVERY PLAN The Trustees of the Reckitt Benckiser Pension Fund have agreed a Recovery Plan with the Company under which the Company will pay £155m over three years to eliminate the deficit of £131m identified by the Actuarial Valuation at April This is in addition to the normal annual contributions paid by the Company and was confirmed by the Trustees at their meeting on November 15. Meeting at the company’s action which would be likely Slough HQ, the Trustees expressed to reduce members’ benefits satisfaction with the Summary unless they were legally Funding Statement to be issued to obliged to do so. members and pensioners. This is The Company’s recent contained in the Update newsletter acquisition of SSL Ltd should (P8&9) accompanying this issue of not have any effect on the RB Contact and iContact. Fund. Kevin O’Berg, who was at the meeting as the Trustee nominated by the RB Pensioners’ Association, said “This year’s Actuarial Valuation was particularly important in view of the economic situation and prospective changes in Government policy on pensions and both the Trustees and the Pensioners’ Association Committee are happy with the Recovery Plan agreed. Digital footnote: Our iContact readers will be interested to note that Kevin O’Berg; pensions manager Tim Wood (secretary to the Trustees); Hull-based Trustees Neale Harrison (who replaced the company nominated Trevor Clark, now on our committee); and membernominated Gill Morrell “attended” the meeting via videoconference from Dansom Lane. Similar links will be made for the meeting next year at Hull (October). Relatively small “Most final salary pension funds are in deficit due to the disappointing investment markets over the last few years. However, the RB Fund deficit is small relative to the size of the company and compared with some of the horrendous deficits that we see reported elsewhere. “Members may have seen that the Government are proposing switching pension increases from an RPI base to a CPI base. “Until the legislation is available it is difficult for the Trustees to comment. However, the Trustees would not take BOOKMARK: Keep your Update for reference. P10/11 on Tax on Pensions could be particularly useful as this is the question most frequently asked by our Association members. If you do not receive a copy of Update please contact the Pensions Department on 01482 582987 In this issue… OBITUARY - Sir James Cleminson Pages 9 - 11 The Centenarians Cherry Six outnumbered Salesforce prize offer Your letters Norwich Remembers P3 P5 P6 P8 P12 P7 free e-book for IContact readers online special next page