EC Meeting Papers July 2018

General Federation of Trade Unions Pension Scheme

Trustees’ Annual Report

Year Ended 31 December 2017

The trustees of General Federation of Trade Unions Pension Scheme present their annual report together with the investment report, actuarial statement and financial statements for the year ended 31 December 2017. The scheme is a final salary pension scheme. The scheme is governed by a definitive trust deed and rules dated 14 November 1961. The latest, third definitive deed dated 18 March 2008 is subject to amendments dated 9 November 2010, 19 September 2011, 4 September 2012, 22 November 2013, 31 December 2014, 21 April 2015 and 30 June 2015.

DEVELOPMENTS IN THE SCHEME

The ITGLWF Section had been transferred to PPF during the year. The trustees and the GFTU executed a deed of amendment and transfer dated 8 July 2017, the effect of which was to transfer assets to a value of £170,200 from the ITGLWF Section to the GFTU Section, and in return the GFTU Section assumed responsibility for the orphan liabilities of the ITGLWF Section. The execution of this deed and the transfer of assets and liabilities were completed by the all parties on 8 July 2017.

SCHEME MANAGEMENT

The trustees who served the scheme during the year are as stated below:

D Nicholls B Marshall M Moyo J Smith JR Smith

The chairman of the General Council, and the General Secretary, of the Federation are trustees. One further trustee is nominated by the Executive Committee of the Federation. Three trustees are nominated by the Members of the Scheme.

At the end of the scheme year there was a vacancy for a member-nominated trustee which had not been filled.

Scheme auditors

A resolution proposing that Sturgess Hutchinson (Leicester) Limited be reappointed as auditors of the scheme will be put to the trustees at the next trustee meeting.

Scheme audit

This report has been prepared and audited in compliance with the regulations made under sections 41(1) and 41(6) of the Pensions Act 1995, The Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) Regulations 1996 and the guidelines set out in the Statement of Recommended Practice 'Financial Reports of Pension Schemes' (Revised November 2014).

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