Pensioners News Autumn 2004
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Autumn 2004 PensionersNews The Unilever Pension Fund Page 2 Financial development of the fund Page 3 Introducing the new Unilever logo Page 4 - 8 News from the UPAs around the regions Page 9 - 11 Business update Page 12 (back cover) Pensioner Director election result FinancialFinancial developmentdevelopment ofof thethe fundfund Introducing £billions The fourth Report and Accounts of the thethe newnew logologo 4,9 Unilever Pension Fund are now available. Many of you have noticed that Unilever John Wilcock, Financial Controller of the has changed its logo, and have been asking 4,3 4,2 4,2 4,1 Fund, picks out some of the highlights. “What’s it all about?” 3,7 After three years of decline in line with global equity markets, the 3,6 The new logo tells the story of Unilever and vitality. It brings together 25 different icons representing Unilever 3,5 Fund’s assets grew from £3.1 billion to £3.5 billion in the year ended and its brands, the idea of vitality and the benefits we bring to consumers and the world in which we operate. 31 March 2004. 3,1 The Unilever Chairmen said: 2,9 This was achieved despite the fact that the Fund’s expenditure exceeded “The new Unilever brand is a powerful symbol of our new Vitality mission, demonstrating that we stand income by more than £100 million. accountable for the difference we make on a daily basis to our consumers, our employees and the communities and environment in and around which we operate.” Expenditure £279m Income £154m The logo will be appearing on all Unilever products by the end of 2005. So what do all the Icons mean? Here’s your handy guide: Benefits Paid (Pensions & lump sums) £215m Transfers to other funds £30m Sun: our primary natural resource. All life DNA: the double helix, the genetic blueprint Expenses £15m begins with the sun – the ultimate symbol of life and a symbol of bio-science. It is the Investment Income £95m of vitality. It evokes Unilever's origins in key to a healthy life. The sun is the biggest Contributions £56m Port Sunlight. ingredient of life, and DNA the smallest. Transfers from other funds £3m Hand: a symbol of sensitivity, care and need. Liquid: a reference to clean water and purity. It represents both skin and touch. Contributions received include full rate Company and member Bowl: a bowl of delicious smelling food. contributions from 1 January 2004 together with the special Flower: represents fragrance. When seen It can also represent a ready meal, hot Company contributions of £62m per annum payable from the same date. with the hand, it represents moisturisers drink or soup. or cream. Recycle: part of our commitment to 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 The Fund’s assets are invested in line with the investment strategy which Sparkle: clean, healthy and sparkling sustainability. Property is set by the trustees, taking account of the liability to pay benefits into with energy. Private Equity the future. The diagram on the left illustrates the current strategy. Lips: represent beauty, looking good Ordinary Shares Palm tree: a nurtured resource. It produces and taste. palm oil as well as many fruits – coconuts Fixed Interest The Fund’s investments are managed by the following external Tea: a plant or an extract of a plant, such as and dates – and also symbolises paradise. Cash, Deposits and Others investment managers: tea. Also a symbol of growing and farming. a Ice cream: a treat, pleasure and enjoyment. Equities: Barclays Global Investors, Capital International, Container: symbolises packaging – a pot Fidelity, Goldman Sachs Bee: represents creation, pollination, hard of cream associated with personal care. work and bio-diversity. Bees symbolise both Frozen: the plant is a symbol of freshness, Bonds: Deutsche Asset Management, environmental challenges and opportunities. Goldman Sachs, Prudential M&G the snowflake represents freezing. Spoon: a symbol of nutrition, tasting A transformational symbol. Property: CB Richard Ellis and cooking. Clothes: represent fresh laundry and Private Equity: Pantheon Ventures Spice and flavours: represents chilli looking good. or fresh ingredients. During the year ended 31 March 2004 the Fund’s investment managers Wave: symbolises cleanliness, freshness achieved a collective return of 21.6%, reflecting the recovery in global Sauces or spreads: represents mixing or and vigour either as personal washing stirring. It suggests blending in flavours or as a laundry icon (with the clothes icon). UK Equities 25% equity markets following an extended period of negative returns. Over and adding taste. North American Equities 20% the last ten years investment returns averaging 6.6% a year have been Particles: a reference to science, bubbles marginally ahead of the comparable market indices and well ahead European Equities 15% Fish: represents food, sea or fresh water. and fizz. of inflation, as measured by the RPI which averaged 2.6%. Other Equities 7.5% Hair: a symbol of beauty and looking good. Bird: a symbol of freedom. It suggests a Bonds 17.5% If you would like a copy of the 2004 UPF Report and Accounts, please Placed next to the flower it evokes relief from daily chores, and getting more Property 10% contact the Fund Secretary c/o Unilever Pensions UK (see address on the cleanliness and fragrance; placed near the out of life. Private Equity 5% hand it suggests softness. back page), remembering to quote your pensioner record number. Heart: a symbol of love, care and health. 02 03 UPA News Round-up UPAUPA ColworthColworth && WelwynWelwyn In May this year a group of 15 pensioners set up 2004 has seen around 30 events and excursions, the Scottish evening, a visit to the Falkirk Wheel, a committee to consider the idea of forming a a dozen walks and three ‘twitching’ trips. One and a tour of the [ex] Royal Yacht Britannia – were UPA Leeds Pensioner Association and after several meetings, of our earliest events was an Antiques Roadshow in the dry, and on the evening of the Tattoo the rain UPA Leeds with the help and guidance of Cynthia and members where an expert came and valued our members’ held off while we were sitting outside. The swirling of the Wirral UPA they have got it off the ground. prized possessions; among the discoveries was a mist even gave the occasion an eerie atmosphere – gold watch dating back to 1896 which had been particularly to the lone piper on the castle ramparts. A small group of us met up with members of awarded to the winner of a bicycle race, and Cynthia Elliott first proposed UPA Wirral to find out at first-hand what would was valued at around £800. Our visit to Newmarket for the July Races was be involved. Then Cynthia and her team sent out another highlight – especially for the three guests a UPA for the Leeds area in introductory letters and applications to around 750 While this has been another good year for our who joined us on the way there, but went home October last year. Now up and eligible pensioners in the area and so far over 150 Ramblers in terms of numbers – around 30 per walk – in a taxi thanks to winnings of £5,000! pensioners have joined the association. We included and the frequency and distance of this year’s walks, running, UPA Leeds reports a questionnaire with the form to help us find out the weather really has been atrocious. One in During the last 12 months we have also re-jigged more about potential members and their interests, particular, taking in the Lifeboat Inn at Thornham our Newsletter. Our photo quiz has unearthed back on its first six months. which has helped us to shape a varied and interesting on the North Norfolk Coast, saw us battling a force some golden oldies and our ‘Whatever Happened programme of events and activities. These are being 8 gale. Despite this, it was a memorable day and, to…’ feature has been a revelation as well. We have organised to take place between now and the end on the same trip, our ‘twitchers’ had a great time pensioners who fly hawks, build steam engines, of the year and we are putting ideas together for bird watching at the Titchwell Nature Reserve. and restore antique fabrics and Victorian beadwork. an exciting programme of events in 2005. In fact one of our male members, aged 75, has Our mini-holiday was to the Edinburgh Tattoo, restored an antique sampler which involved The committee, under the Chairmanship of Andrew another event when the weather played its part! sewing 22,000 small beads back onto the canvas! Mostyn, has been meeting regularly to plan events Fortunately, many of the things we had arranged – and create a constitution so that our UPA works on a fair and business-like basis. We also launched our newsletter in August, which is intended to be a regular and lively mix of news of forthcoming events and feedback, with illustrated reports on what we’ve done so far. Future events include a scenic trip on the Settle- Carlisle Railway, followed by lunch and a look around historic Carlisle, a visit to Salford Quays taking in the UPA Gloucester Lowry Centre and some Christmas shopping, and UPA Gloucester a chance to enjoy shopping, lunch and some music hall classics and popular show songs in Scarborough. The Gloucester branch of the Association is active, Our Skittles and Short Mat Bowling sections continue successful and, with around 335 members, thriving. to thrive, and members who participate in these As many people expressed an interest in walking, The 15 members of the committee work well always look forward to their social get-togethers.