SPECTRIS PENSION PLAN Annual Report To Members For year ended 31 December 2008
Running of the Plan
The Trustee is responsible for the administration of the Plan on behalf of the members, including maintaining records, collecting and investing contributions, appointing Fund Managers and monitoring their performance, paying benefits and preparing the Annual Report and Accounts. The Trustee does not charge the Plan for its services. The Trustee of the Plan is Spectris Pension Trustees Limited, a subsidiary of Spectris plc. The power of removal and/or appointment of the Trustee is vested in Spectris plc. At the end of the year, the Directors of the Trustee Company were: UĂŠ UĂŠ UĂŠ UĂŠ UĂŠ
ÂœÂ…Â˜ĂŠ7>ÀÀiÂ˜ĂŠÂ Â…>ÂˆĂ€Â“>˜Ž
>Ă€ÂœÂ?ĂŠ Ă€ÂœÂœÂŽĂƒÂœÂ˜ĂŠ* ->VÂ…>ĂŠ iÂ˜Â˜Ăž ,Âœ}iÀÊ-ĂŒiÂŤÂ…iÂ˜Ăƒ
>Ă›Âˆ`ĂŠ7>ĂŒĂƒÂœÂ˜ĂŠ*
* Member-nominated director
The Trustee Company employs the professional services of the following in the running of the Plan:
Introduction The Trustee has pleasure in presenting its report to the members of the -ÂŤiVĂŒĂ€ÂˆĂƒĂŠ*iÂ˜ĂƒÂˆÂœÂ˜ĂŠ*Â?>Â˜ĂŠÂÂżĂŒÂ…iĂŠ*Â?>Â˜ÂżÂŽĂŠvÂœĂ€ĂŠĂŒÂ…iĂŠĂži>ÀÊi˜`ˆ˜}ĂŠĂŽÂŁĂŠ iVi“LiÀÊÓään° /Â…iĂŠ*Â?>Â˜ĂŠÂˆĂƒĂŠ>ĂŠw˜>Â?ĂŠĂƒ>Â?>ÀÞÊÂÂź`iw˜i`ĂŠLi˜iwĂŒÂ˝ÂŽĂŠÂŤiÂ˜ĂƒÂˆÂœÂ˜ĂŠĂƒVÂ…i“iĂŠ>˜`ĂŠÂˆĂƒĂŠ contracted out of the State Second Pension. This report to members is designed to give details of who runs the Plan, ĂœÂ…iĂ€iĂŠĂŒÂ…iĂŠ*Â?>Â˜Â˝ĂƒĂŠ>ĂƒĂƒiĂŒĂƒĂŠ>Ă€iĂŠÂˆÂ˜Ă›iĂƒĂŒi`ĂŠ>˜`ĂŠÂŤĂ€ÂœĂ›Âˆ`iĂŠLĂ€ÂˆivĂŠ`iĂŒ>ˆÂ?ĂƒĂŠvĂ€ÂœÂ“ĂŠĂŒÂ…iĂŠ *Â?>Â˜ĂŠ>VVÂœĂ•Â˜ĂŒĂƒĂŠvÂœĂ€ĂŠĂŒÂ…iĂŠĂži>ÀÊÓään°Ê/Â…iĂŠÂź*iÂ˜ĂƒÂˆÂœÂ˜ĂŠ iĂœĂƒĂŠ1ÂŤ`>ĂŒiÂ˝ĂŠĂƒiVĂŒÂˆÂœÂ˜ĂŠ explains Plan events as well as any changes in pension legislation. For general information on the benefits you receive and the contributions that you may pay please refer to the Plan members’ booklet that is available from your HR department.
2 SPECTRIS PENSION PLAN
Administrators and Consultants Aon Limited Actuary
Â…Ă€ÂˆĂƒĂŠ >“vÂœĂ€`]ĂŠ ÂœÂ˜ĂŠ ÂˆÂ“ÂˆĂŒi` Auditors Menzies LL Investment Managers UĂŠ 8 ĂŠ Â˜Ă›iĂƒĂŒÂ“iÂ˜ĂŒĂŠ >˜>}iĂ€ĂƒĂŠÂĂ•Â˜ĂŒÂˆÂ?Ê£ÎÉ££ÉÓäänÂŽ UĂŠ ˆ`iÂ?ÂˆĂŒĂžĂŠ*iÂ˜ĂƒÂˆÂœÂ˜ĂƒĂŠ >˜>}i“iÂ˜ĂŒĂŠ ÂˆÂ“ÂˆĂŒi` UĂŠ Â˜Ă›iĂƒVÂœĂŠ*iÀiĂŒĂ•>Â? UĂŠ i}>Â?ĂŠEĂŠ i˜iĂ€>Â?ĂŠ ĂƒĂƒĂ•Ă€>˜ViĂŠÂ*iÂ˜ĂƒÂˆÂœÂ˜ĂƒĂŠ >˜>}i“iÂ˜ĂŒÂŽĂŠ ÂˆÂ“ÂˆĂŒi` UĂŠ -VÂœĂŒĂŒÂˆĂƒÂ…ĂŠ7ˆ`ÂœĂœĂƒĂŠ Â˜Ă›iĂƒĂŒÂ“iÂ˜ĂŒĂŠ*>Ă€ĂŒÂ˜iĂ€ĂƒÂ…ÂˆÂŤ UĂŠ " ĂŠ ĂƒĂƒiĂŒĂŠ >˜>}i“iÂ˜ĂŒĂŠ ÂˆÂ“ÂˆĂŒi`ĂŠÂvĂ€ÂœÂ“ĂŠÂŁ{É££ÉÓäänÂŽ Solicitors Pinsent Masons LLP Bankers >ĂŒÂˆÂœÂ˜>Â?ĂŠ7iĂƒĂŒÂ“ÂˆÂ˜ĂƒĂŒiÀÊ >Â˜ÂŽĂŠ*Â?V
3
Accounts summary
Income
PERCENTAGE
Membership
/Â…iĂŠvÂœĂ€Â“>Â?ĂŠ*Â?>Â˜ĂŠ>VVÂœĂ•Â˜ĂŒĂƒĂŠvÂœĂ€ĂŠĂŒÂ…iĂŠÂŤiĂ€ÂˆÂœ`ĂŠvĂ€ÂœÂ“ĂŠÂŁĂŠ >Â˜Ă•>ÀÞÊÓäänĂŠĂŒÂœĂŠĂŽÂŁĂŠ December 2008 have been audited by Menzies and agreed by the Trustee. A summary of the Plan accounts is set out below:
2008
2007
ÂĂ‹]äääŽ
ÂĂ‹]äääŽ
Contributions
2,926
2,913
Age-related rebates
x{
11
Investment income
1,763
1,835
CASH FIXED Transfers-in INTEREST 53
OVERSEAS -
UK EQUITIES 2
29
2007 2008 ACTIVE 111 120 MEMBERS RETIRED At 31 December 778 754 1,650 members in the 2008 there were MEMBERS Plan, compared761 to 1,671 members DEFFERED 797 at 31 December 2007. The MEMBERS LĂ€i>ÂŽ`ÂœĂœÂ˜ĂŠÂˆĂƒĂŠ>ĂƒĂŠvÂœÂ?Â?ÂœĂœĂƒ\
SPECTRIS PENSION PLAN MEMBERSHIP 2000
1500
1000
12
{]Ç{Î 16
{]ÇÇ£
2008
2007
500
Expenditure
ÂĂ‹]äääŽ
ÂĂ‹]äääŽ
Lump sums - on retirement
577
{{x
Lump sums - on death
1
63
Transfers out & leavers
137
56
£]Ι{
757
16%
Expenses 53% 29%Pension payments
2%
PERCENTAGE
2,989 FIXED5,098 INTEREST 53
Key
Ó]Çx{ 2
2007
2008
DEFFERED MEMBERS
ActiveRETIRED Member: MEMBERS A member of the Plan, presently accruing ACTIVE MEMBERS benefits in relation to current service.
CASH 4,075 UK EQUITIES 29
OVERSEAS 16
Deferred Member: A member having left their Spectris employer before retirement or opted to withdraw from the Plan, who is entitled to have their benefits retained under the *Â?>Â˜Â°ĂŠ ÂœĂŒÂ…ĂŠi“Â?ÂœĂžiÀÊ>˜`ʓi“LiÀÊVÂœÂ˜ĂŒĂ€ÂˆLĂ•ĂŒÂˆÂœÂ˜ĂƒĂŠVi>ĂƒiĂŠ>˜`ĂŠÂ˜ÂœĂŠ further benefits are accrued. Retired Member: An individual currently in receipt of a pension from the Plan.
16% FIXED INTEREST CASH UK EQUITIES OVERSEAS
0
53%
29% 2%
4 SPECTRIS PENSION PLAN
FIXED INTEREST CASH UK EQUITIES OVERSEAS
5