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April 2011 Inside April 2011 Inside • 25 years of SIPS • In the beginning • Scheme membership fast facts • Show me the money • Changing times • Thanks to the team at the top • Crossing the t’s and dotting the i’s 25 years of SIPS On 6 April 2011 SIPS reaches its 25th anniversary and to celebrate this occasion we have produced this commemorative brochure. Much has happened during the last 25 years and the following articles show how SIPS has evolved over the years. We hope you’ll enjoy looking back on the last quarter century of SIPS. In the beginning On 6 April 1986, SIPS was established as a centralised SIPS began with the following participating companies: pension scheme. Any employer who was working in shipbuilding, ship repair, or allied industries could • AMARC (Training, Education & Safety) Limited join SIPS. The Scheme was designed to replace the • British Shipbuilders British Shipbuilders Pension Scheme which had been • Energy & Marine Industries plc established in 1981 so that, following privatisation, • Falmouth Ship Repair Limited employers could continue to provide a cost effective • Hadrian Trustees Limited pension arrangement. On 6 April 1986, Hadrian Trustees Limited was appointed as the Independent Trustee of • Hall Russell Limited the Scheme. A Trustee Board of 15 Trustee Directors • Vickers Shipbuilding & Engineering Limited was set up, comprising 7 Directors appointed by the • Vosper Ship Repairers Limited employers, 7 Directors nominated by the Confederation • Vosper Thornycroft (UK) Limited of Shipbuilding & Engineering Unions (CSEU), together with an independent Managing Director. This meant that Joining SIPS meant that the individual employers could the Scheme could truly represent and act in the best participate in their own stand-alone section within the interests of all members and beneficiaries. Throughout Scheme, but benefit from having access to a common the years the various Trustee Directors have contributed investment pool and various advisers. significantly to SIPS and in this brochure you will see further details about the individuals involved and their Over the years, there have been various changes of respective contributions. ownership in many of the participating employers and, as a reflection of the decline in the shipbuilding industry in the UK, several employers have gone out of business. In such circumstances, SIPS has been ideally positioned to take the required actions arising from these types of events. Over more recent times one of the key issues facing the Trustee has been liaising with employers regarding the ongoing affordability of a defined benefit pension arrangement. In several cases the cost of providing a defined benefit scheme has proved too much for certain employers and their sections have been closed to future benefit accrual. As an alternative, the SIPS Money Purchase Plan was introduced in 1996 to provide a defined contribution arrangement for a number of employers. As we look to the future there will be many challenges ahead of us. The Trustee Directors of SIPS are committed to liaising with the different employers, and helping to protect the interests of all SIPS’ members. Page 1 SIPS 25th Anniversary brochure – 2011 The chart below shows the changing membership over the last 25 years. the last25 over the changingmembership The chartbelowshows • • • • • • • • • Scheme membership fastfacts Membership numbers of: 76,000 membersconsisting some were there tomembers doors openedits first SIPS When 40,000 80,000 60,000 30,000 20,000 50,000 70,000 10,000 Shipbuilders Section wound up – reducing membership by 46,000. membershipby wound up–reducing Section Shipbuilders the British when 1995 March ended31 year Scheme the during was Thebiggestchangeinmembership members. 13,000 over with Shipbuilding &EngineeringLimited Vickers was members of active employer Thelargest following the changes introduced by the government at that time. that at the government by the changesintroduced following was duetothe privatisation ofthe British shipbuilding industry first- oneofthe industriesto be privatised This time. that membersat deferred the of for all Shipbuilders assumedresponsibility April 1986,British On6 members participating in the Money Purchase Plan (over 3,000 active members at 31 December2010). membersat31 3,000active Plan(over the MoneyPurchase members participatingin transfers-in, andmore bulk of several asaresult years inrecent slightly Schememembershiphasgrown 3,000 members out of 4,700 active members. active of 4,700 out 3,000 members over with defined benefitscheme the membersin of active employer the largest was Systems In2010,BAE 36,000 deferred members deferred 36,000 10,000pensioners members 30,000active 0 2000 1000 1500 500 6-April-866.April.86 0 31-Mar-8731.3.87 6-April-86 31-Mar-8831.3.88 31-Mar-87 31-Mar-8931.3.89 31-Mar-88 31-Mar-9031.3.90 31-Mar-89 31.3.91 31-Mar-91 31-Mar-90 31-Mar-9231.3.92 31-Mar-91 31-Mar-9331.3.93 31-Mar-92 31-Mar-9431.3.94 31-Mar-93 31-Mar-9531.3.95 31-Mar-94 31-Mar-9631.3.96 31-Mar-95 31-Mar-96 31-Mar-9731.3.97 31-Mar-97 31-Mar-9831.3.98 31-Mar-98 31-Mar-9931.3.99 31-Mar-99 31-Mar-0031.3.00 31-Mar-00 31-Mar-0131.3.01 31-Mar-01 31-Mar-0231.3.02 31-Mar-02 31-Mar-0331.3.03 31-Mar-03 31-Mar-0431.3.04 31-Mar-04 31-Mar-0531.3.05 31-Mar-05 31-Mar-0631.3.06 31-Mar-06 31-Mar-0731.3.07 31-Mar-07 TOTAL Deferreds Pensioners Actives 31-Mar-08 31-Mar-0831.3.08 31-Mar-09 31-Mar-0931.3.09 31-Mar-10 Page 2 Page 31-Mar-1031.3.10 31-Dec-10 31-Dec-1031.12.10 40,000 80,000 60,000 30,000 20,000 50,000 70,000 10,000 0 Assets in millions 2000 1000 1500 Page 3 Page 500 below shows the growth in the Scheme’s assets over the last 25 years. years. the last25 over assets Scheme’s the in the growth below shows The chart million! £1,700 to around this hasgrown later years of £546millionin1986;25 with assets SIPS started the money Show me 6-April-866.April.86 0 31-Mar-8731.3.87 6-April-86 31-Mar-8831.3.88 31-Mar-87 31-Mar-8931.3.89 31-Mar-88 31-Mar-9031.3.90 31-Mar-89 1989-1994. Steady 31.3.91 growth 31-Mar-91 31-Mar-90 31-Mar-9231.3.92 31-Mar-91 31-Mar-9331.3.93 31-Mar-92 31-Mar-9431.3.94 31-Mar-93 31-Mar-9531.3.95 31-Mar-94 31.3.96 31-Mar-95 31-Mar-96 - Section Shipbuilders Legal & General. & Legal benefits in the British British the in benefits transferred to to transferred 31-Mar-96 million £320 31-Mar-9731.3.97 the of Buy-out 31-Mar-97 31-Mar-9831.3.98 31-Mar-98 31-Mar-9931.3.99 31-Mar-99 31-Mar-0031.3.00 31-Mar-00 31-Mar-0131.3.01 31-Mar-01 Share Index falls Volatility in the 31.3.02 stock markets - 31-Mar-02 the FTSE All- 31-Mar-02 by 30%. 31-Mar-0331.3.03 31-Mar-03 31-Mar-0431.3.04 31-Mar-04 31-Mar-0531.3.05 31-Mar-05 31-Mar-0631.3.06 31-Mar-06 31-Mar-0731.3.07 31-Mar-07 TOTAL Deferreds Pensioners Actives 31-Mar-08 due to global global to due recession. Decline in most most in Decline 31-Mar-0831.3.08 markets stock economic economic 31-Mar-09 31-Mar-0931.3.09 31-Mar-10 31-Mar-1031.3.10 31-Dec-10 31-Dec-1031.12.10 SIPS 25th Anniversary brochure – 2011 Changing times 25 years of SIPS means that the Scheme has seen a lot of changes. PERIOD ENDED 31 MARCH 1987 • MI Technologies Limited and Marine Design Consultants Limited join SIPS shortly ahead of the • Wallsend Boilers Limited joins SIPS. completion of the British Shipbuilders privatisation programme. • Clay & Partners are appointed as the Scheme Actuary. An initial actuarial valuation is carried YEAR ENDED 31 MARCH 1991 out to apportion the Scheme’s assets between the different sections. • The judgement of the European Court of Justice in the case of Barber vs GRE leads to the need for • Linklaters & Paines are appointed as the Trustee’s pension schemes to equalise pension ages for men legal advisers (the firm continues to carry out this and women; however, the judgement gives rise to role over the next 25 years). areas of uncertainty and this has severe implications YEAR ENDED 31 MARCH 1988 for the timing of the winding-up of the British Shipbuilders Section. • Compact Orbital Gears Limited and Brooke Yachts • Under the Social Security Act 1990, the Government International Limited join SIPS. introduces a Pensions Ombudsman and a Pensions • Vosper Shiprepairers Limited falls into liquidation. Registry to enable deferred members to trace their pension scheme. • A restructuring of the Scheme’s investments was carried out in July 1987 with County NatWest YEAR ENDED 31 MARCH 1992 Investment Management, Fidelity Pension Fund Management, Henderson Pension Fund Management • In respect of the British Shipbuilders Section, an and Murray Johnstone being appointed as initial payment of £255 million was made to Legal investment managers. Despite a stock market crash & General. The winding-up continues to be delayed in October 1987, the funds returned 5.3% over the due to uncertainty over equalisation of retirement calendar year 1987. age requirements. YEAR ENDED 31 MARCH 1989 • The winding-up of the A&P Appledore (Aberdeen) Limited Section commences.
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