IBM Retirees’ Club - Hursley Branch

March 2012 Events

Hursley Retirees AGM, Tuesday 13th March 2012

The 2012Annual General Meeting of the Hursley Retiree Club will be held on Tuesday 13th March, in the Hursley C Block Cafeteria at 7:30pm.

Access will be only from the main reception from 6:00pm.

The meeting will be preceeded by a meal which will be served from 6:30pm.

You are reminded that only IBM Retirees’ Club Members, i.e. No Spouses etc, are invited.

Agenda:

1. Apologies
2. Minutes of the previous AGM
3. Treasurer's Report for 2011
4. Chairman's Report for 2011
5. Speakers
6. Election of officers
7. Plans for 2012
8. Photographer of the year
9. Any other business

Presentation at 2011 AGM by David Newman, Pensions Trust Manager

In reviewing the performance of the Pension Fund, David first summarised IBM Corporate results for 2010.

Worldwide revenues increased to $99.9B and a slight increase in gross profit to $20B.  Turnover up 4%; profit up 9%.  Earnings per share: $11.52 ie growth of 15%.  The results of the UK company are not published. 

Since the year 2011 is considered the Centenary of IBM, watch this space for revenues exceeding $100B!

IBM UK Pension Fund performance for 2010 showed satisfactory results, following continued recovery from the financial market disasters of 2008.  Equities were up 15 – 20%, Bonds up 8%, Commercial Property up more than 10%; overall a double-figure increase on 2009.

The Actuarial Valuation Report currently being completed will be published in a few weeks.  The Asset Allocation (ie: how the fund is invested) remains stable.

Pension increases will be advised to Members by the end of this month and will reflect the switch from RPI to CPI for some elements of pension.  In summary, for most members, the pre-97 service the increase will be 2.5%; for post-97 the increase will be 3.1%.

As always, David invited and answered questions.

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

At this point, David assumed chairmanship of the Meeting and conducted the appointment of Officers and Committee.

The Annual Corporate Report is available on the web.

Notes by M J Hughes, Chairman.