IBM Retirees’ Club - Hursley Branch

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March 2010 Events

Hursley Retirees AGM, Tuesday 9th March 2010

Agenda:

1. Introduction
2. Welcome and Address by Hursley Lab Management
3. Apologies
4. Minutes of the previous AGM
5. Chairman's Report for 2009
6. Treasurer's Report for 2009
7. Speakers
8. Election of officers (including electing a new Treasurer)
9. Plans for 2010
10. Club Website
11. eCommunications/Newsletter
12. Any other business

Presentation at 2009 AGM by David Newman, Pensions Trust Manager

In reviewing the performance of the Pension Fund, David made the following points:

IBM Corporate worldwide revenues continue to grow last year and in the UK business is good. The swing from a relative decline in hardware growth is balanced by continued growth in software, including Hursley’s communications products. The Annual Corporate Report is available on the web.

Re: the Pension Fund:

2008 was a mixed year for the Fund:

• Whilst UK equities dropped 30%, the influence of Sterling currency decline reduced the fall in overseas equities to 15 - 20%.
• Bonds/Gilts which make up 50% of the Fund (compared with 35% in 2007) grew by around 5%. Commercial property investments fell by 20% to 25% during the year.
• Overall, the Fund has dropped 15 - 20% in value.
• However, IBM continues its guaranteed support for the Fund to 2017; and beyond that the Government’s Pension Protection Fund provisions ensure a sound outlook for Hursley’s retirees well into the future.

David also conveyed news of the most recent pension increase, based on the RPI, from next month, of 0.1%.

Members present thanked David for his summary of the current position of the Fund and attending the meeting.

Notes by M J Hughes, Chairman.