The Trustees of the Martin-Baker Pension Scheme (“the Scheme”) are pleased to publish this their twenty ninth Report, which is being issued for the year ended 30 September 2023. The purpose of this annual report is to provide members with information about the Scheme and its development over the year.
This Report is only of relevance to current employees who joined the Company before September 2013 and have legacy Final Salary and/or Cash Balance entitlements under the Scheme. We hope this report and the information contained in the membership booklet issued to members before September 2013, together with your annual benefit statement, provides an understanding of the value of the Scheme and the benefits it extends to members and their dependants. Some of the information contained in this report is covered in more detail in the formal report and financial statements which the Trustees produce each year. A copy of this can be obtained by submitting a written request to the Pensions Administrator at the address given on page 13.
The Scheme was closed to future accrual at the end of September 2013. A salary link has been retained for the accrued benefits of pension members who remained in Company employment after that date. Reports will continue to be circulated each year in future, as benefits will still be payable from the Scheme for many years to come. This report will be circulated to all members and Company employees, who are eligible to join the Group Life Assurance Scheme, which is administered by the Pension Scheme Trustees.
The Scheme is established under a Trust Deed. The Scheme is a Registered Scheme with His Majesty’s Revenue and Customs following the changes to the legislative framework from 6 April 2006.
The Scheme will continue to be managed on behalf of the members and other beneficiaries by Trustees. Some of the Trustees are appointed by the Company and some are nominated by the members. The Trustees’ main responsibilities are to ensure that an adequate level of assets is available in the Scheme, that the benefits paid under the Scheme are calculated in accordance with the Rules and that the assets of the Scheme are properly managed. The level of benefits payable under the Scheme was determined by the Company.
This Report incorporates the information needed to satisfy the requirements to issue a Summary Funding Statement to all members each year.
To read the full annual report for 2023, please click here.
For annual reports for previous years, please see below;
2022 click here.
2021 click here.
2020 click here.
2019 click here.
2018 click here.
2017 click here.