January 2010 PLAN YOUR PENSION PARTY A p e n s i o … retirement won’t add up without you Bacardi–Martini UK Pension Scheme Defined Benefit Section January 2010 PLAN YOUR PENSION

Your retirementwon’t add upwithout

you

Bacardi–MartiniUKPensionSchemeDefinedBenefitSection

January2010

PLAN YOUR PENSION PARTY

Fuel the growth

A pension to give you

A message from Mark J de Witte

www.b-pensionswise.co.uk

Welcome to the 2010 edition of PensionsWise, our newsletter for members of the Bacardi-Martini UK Pension Scheme (“the Scheme”).

Time flies – a year has gone by since I welcomed you to last year’s “Pension Cocktail” edition. It has been a turbulent year – for the economy, for our Company and for the Scheme. Despite trading in a very difficult environment, the application and commitment of our employees has enabled the Company to improve its

market position and maintain its financial health. Similarly, the dedication and professionalism of the Trustees has limited the reduction in the value of the Scheme’s assets. In addition, PensionsWise continues to receive awards as a first class means of communication and I thank the Trustees, on your behalf, for their great efforts.

In line with our purpose, the theme of this year’s PensionsWise is “Spirit for Life with a Pension for Life”. You will also see our Company values, “Passion, Trust, Care and Excellence” fully reflected in this edition of PensionsWise and in everything the Trustees do on your behalf. Please be assured that Bacardi-Martini Limited remains committed to the provision of an excellent pension scheme for its employees.

During the second half of 2009 the Trustees held a number of Pension Workshops in Winchester and London. These workshops were well attended and the feedback was excellent. As a result, the Trustees were asked to present another workshop for the employees of Bacardi Global Brands Limited and Bacardi-Martini Corporation Limited in January of this year. I understand that the Trustees are planning to repeat these workshops later in 2010 and I would recommend that you make an effort to attend.

Good communication is vital to the success of any pension scheme and I am delighted to announce that the Trustees introduced a new, state of the art, website which went live in January 2010 for members of the Defined Contribution Section – the section where your Additional Voluntary Contributions (AVCs) are invested. I hope that this will encourage all of you to be pension aware. On www.b-pensionswise.co.uk you will find all the information you need to know about the Defined Contribution Section of the Scheme.

I have talked about PensionsWise, about the Trustees, about the importance of good communication but the most important influence on the pension you will receive is you. Your pension is also your responsibility. You can fuel the growth of your pension by making AVCs. Regardless of economic upturns and downturns, logic dictates that the more money that

goes into your pension scheme, the more you will get out as a pension. The earlier you start and the more you contribute the greater your pension should be.

I hope and trust that you will find this edition of PensionsWise, and the website, very useful. If you have any comments, suggestions or questions please do not hesitate to contact me or Adrian Devlin, the Secretary to the Trustees, at the address shown on page three.

Kind regards,

Mark J de WitteChief Executive Officer

More members payingAVCs!Over the last year the number of our members that are paying AVCs has increased by 78%. That shows that more of you are coming around to the importance of planning for your retirement. If you aren’t already paying AVCs, make sure you don’t get left behind by completing the form which you can request from the Scheme Administrators.

More awards wins!The Trustees recently picked up two more awards for their work in communicating to Scheme members.

At the Engaged Investor Awards held in London in July 2009, we picked up the award for the Best Popular Report and Accounts, for PensionsWise. The Trustees were also Highly Commended for the Best Communications Initiative. The picture (below) shows Adrian Devlin, Secretary to the Trustees, collecting the Best Popular Report and Accounts award.

Additionally, PensionsWise was Highly Commended by the Pensions Research and Accountants Group at its Annual General Meeting.

www.b-pensionswise.co.uk 3

Have you planned your

pensions party?

The imagery in this year’s PensionsWise ties in with the recently launched pension website for Defined Contribution Section members. We want you to think of retirement as fun and we want you to have as much fun when you retire as you do now. But you can’t expect that to happen on its own. You need to be able to control and plan your pension party. Your retirement needs you!

While the contributions from Bacardi give you a good start towards your pension planning, they are not enough on their own. Have a read through PensionsWise and have a think about whether you need to increase or start your own contributions. A form to start paying Additional Voluntary Contributions (AVCs) is available online, or from the Scheme Administrators.

The launch of b-pensionswise.co.ukThe new Bacardi PensionsWise website for members of the Defined Contribution Section was launched in January. We are pleased to say that so far a number of members have visited the site and checked their pension. If you haven’t been to the site yet then make sure you take a look. The site has been created by the Trustees of the Scheme to help you plan for your retirement. It provides all of the information you need to get the most out of your pension.

The Trustees will keep the website up to date. If there is any news about the Scheme we will update the news pages to let you know. We will also be adding a poll to the website in the next few months to find out what you think about b-pensionswise.co.uk, and how you think it could be improved.


b-pensionswise.co.uk online

ContACt detAilsIf you would like to suggest topics for future issues of PensionsWise please contact Adrian Devlin at

Bacardi-Martini Limited, Bacardi Brown-Forman House, Kings Worthy, Winchester Hampshire SO23 7TW

or call 01962 762100 extension 2124.

For details about your pension please contact the Bacardi Administration Team at

Hymans Robertson LLP, One London Wall, London, EC2Y 5EA.

Call 020 7082 6184 email [email protected] or go to the website www.b-pensionswise.co.uk

You can access the site at www.b-pensionswise.co.uk. Using the site you will be able to access information to help you to party into your retirement.

A copy of the full report and accounts for the Scheme is available from the website. This includes a list of the Scheme’s advisers, details of the auditor’s statement on the accounts and the full breakdown of income and expenditure. Visit the resources section of the website to view this and other documents related to the Scheme, such as booklets and forms.

scheme resources online

Your retirement won’t add up without youHave you ever thought about what will happen when you retire? About the lifestyle that you want to lead, and how much that will cost? If you have, you’ll already know that you’ll continue to need a good income to support you in retirement.

Think about how much pension the Company’s contributions will give you. While you can see that this gives you a good start to your pension planning, on its own it’s not enough.

That’s why your pension needs you! It might be easier to bury your head in the sand than to face up to the fact that you need to make plans for your retirement. You should consider whether you need to be contributing more to your pension.

To add to your retirement security you can start to pay Additional Voluntary Contributions (AVCs). Paying AVCs today can help you when you come to buy a pension at retirement and the earlier you start paying, the more time you have to benefit from possible investment returns.

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four www.b-pensionswise.co.uk

You also gain tax relief, (see the article opposite for more information) and a £50 a month contribution would buy an average member an additional pension of £920 a year. This figure is estimated using the same statutory basis as those used in the Scheme’s annual benefit statements. Please refer to your benefit statement for more information on this.

AnnuitiesThe pension you will get at retirement from your Additional Voluntary Contributions (AVCs) depends on how much you and the Company contribute, the performance of your investments, and the cost of buying an “annuity” or pension income when you retire. The amount you can get will also vary if you choose to take a tax-free cash lump sum out of your Retirement Account.

The cost of annuities can vary. The Trustees have access to an “Annuity Calculator” – a product from our annuity advisers Hargreaves Lansdown – which scours the annuities’ market to find the annuity that will give you the best income from your savings at retirement. The Scheme’s administrators use this tool when they give you a retirement quotation for your AVCs. However, once you receive your quotation it will be too late to make a difference to the amount you receive. That’s why your pension needs you – today!

If you would like to start paying AVCs, you should request a form from the Scheme

Administrators using the details on page three.

If you are currently paying AVCs you can visit the “Member Online” section of the website to see how much you have accumulated by your payments. You can also use the “Pension modeller” to see how you can boost your pension by paying further AVCs.

Backstage pass

Do you want the good news or the bad?

‘

Owen Sekree is an Independent Financial Adviser who has given members of the Scheme advice since 2006. The Trustees invited Owen to contribute in this issue to give you an independent view on why you should think about saving more. While the Trustees do not endorse any particular adviser, his details are provided at the end of the article.

The good news is retirement can be the longest holiday of your life and the bad news is that it can be a time of austerity and anxiety. While the prognosis for good health in retirement gets better and better, the chance of financial hardship gets greater.

If we are retired for longer we will consume more funds during retirement and the cost burden of retirement is such that very few companies now offer retirement schemes that guarantee a certain level of income in retirement.

Instead almost all of us have schemes that build up a pot of money that is invested during our working life and this is used to provide an income when we retire (remember that as a member of the Defined Benefit Section your pension works slightly differently – see page eleven for a recap). The bigger the eventual pot of money, the greater the income can be in retirement.

We all need to understand the variables. The more money that goes in the more is likely to come out. Also the earlier it goes in the more it has time to grow. Lastly, how it is invested will affect the growth on the funds and therefore the size of the eventual fund.

As individuals we have an input into all these areas. We can put more money in by making personal contributions. This can be to the employer’s scheme or to our own personal pension policies. We can get our money in for longer by starting to contribute early. And by having our own personal plans we can choose how we want our own funds invested.

If we pay to a pension personally the government will pay in a further 25p for every £1 of income we contribute, and even more if we are higher rate tax payers.

Or else we can use a range of other investment strategies to build up funds such as ISA’s, gold coins, fine wines, stock market portfolios, buy to let properties and so on.

A good financial adviser will help you understand the alternatives and show you how to build up a diversified mix of investments. It matters not so much what you do, but I seriously recommend you

do something, so that retirement really will be something to look forward to.

Independent Financial Adviser, Owen Sekree, is a Senior Partner at 3-S Financial Management and he can be

contacted on 023 8022 2410 or by email [email protected]’

the more money that goes in the more is likely to come out


Backstage pass

spirit liFe...

’

Vital statisticsThe membership of the Defined Benefit Section of the Scheme at the beginning and the end of the latest full Scheme Year is shown in the table below:

31 March 2008 31 March 2009

Active members 21 19

Deferred members 282 269

Pensioner members 166 178

Roselyn Thomson, production assistant,works in Dewars’ distillery facilities, and joined the Scheme in 2006 when she began working for the Company.

She also started to pay AVCs at the first opportunity, as she thinks it’s important to put the money aside. “If it’s going to boost your pension at retirement, then yes it’s important to save by paying AVCs,” she says.

As is the case for many members, retirement seems a long way off for Roselyn. However, she still thinks it’s important to have the right plans in place for when the time comes.

She finds the Scheme’s communications a big help with her retirement planning. “The Scheme’s information is pretty good. I read the newsletter when it comes through.”

Her plans for retirement are to, “carry on living like I am now”. She hopes that her pension from the Scheme will allow her to do that, together with her other savings, including a pension that she holds from a previous job.

Liam Newton, Marketing Director,joined the Scheme when he first started work for the Company in September 2006. Having always previously contributed to a pension before moving to Bacardi, Liam wanted to pay contributions on top

of those from the Company straight away, as he explains: “The reason for doing it is twofold. One, because it’s a tax efficient way of saving, and secondly because you can’t start saving towards your retirement too early – that old cliché was drilled into me early in my career, so I’ve always done it for those reasons.”

“I pay a set lump sum that goes out automatically each month, and by doing that you don’t even miss it because you get used to not having it.”

Liam is also thinking of other ways to help him to plan for retirement: “The pension is one thing, but I’ve also got other investments including ISAs and an endowment from an old mortgage – so it’s about looking at your provisions overall and making sure that you have the right measures in place overall.”

Liam believes he still needs to do some work to make sure that his savings will give him the lifestyle that he wants when he retires, and believes all members need to think carefully about their retirement plans. “You have to make your own personal call on what’s right for you,” he says.

it’s all about youpension for liFe

does your pension have the X factor?

this isn’t a dress rehearsal

‘

Gerry McCarthy, left Bacardi in July 2007 when production at the Company’s facility in Southampton ceased. His retirement marked the end of a 27 year Bacardi career, where he’d carried out a number of roles from maintenance and engineering to management. Since leaving Bacardi, Gerry has been in touch with many old colleagues. Recently he worked with an old colleague for a short spell at a company that bought one of Bacardi’s old production lines.

Gerry is now a full time pensioner, and is spending his time restoring a 1951 MG which he’s hoping to finish by the spring and take it to MG car club rallies. The pension Gerry gets from his AVCs have been crucial in allowing him to live as he does now: “I started paying AVCs before 1987, and they have given me a big bonus to my pension. When I got salary increases, I pumped more into my pension, and I paid lump sums in. I was 60 when I retired and I hadn’t planned to leave so early, but my pension has allowed me to do that.”

Gerry appreciates the pensions support he had from Adrian Devlin while at Bacardi: “We had several meetings where he explained my options to me and told me about the different options that I had for planning for my retirement. Bacardi is a good company to work for, and I’m sure that Adrian would still help me with anything now, even though I’ve left!”

After finishing work on his car, Gerry plans to get back to the golf course. You may also see him with his caravan, which he uses both in the UK and abroad.

Can anyone help? The following members have moved address and have not told us their new details. Do you know where they are now? Please contact Adrian Devlin (using the contact details on page three) if you have details on any of the following:

Peter LoweFiona StricklandE Amanda LindsayMr A Von SpechtIain MclarenEileen BrownMrs J WoottonAngela WeaverMr A M WilcockAlicia DelfinMr I WoodMalcolm BontesSusan WardJacqueline StevensMrs G T SmyKeith JonesHelen KillingtonJullie SmithJohn McallenLisa HollowayMrs M SmartBarbara HughesPeter GrayJohn GreenwoodJohn MurphyPaul BartonAndrew ElliottEmma HeskethHugh MuirStephen TurnerMichael ParsonsLouisa EnnalsRaymond PowellJeremy Jones

www.b-pensionswise.co.uk 7’

Obituaries Sadly we have to report that five members of the Scheme have passed away since the last issue of PensionsWise:

Josephine GransdenBerly WortSecundino RodriguezMax Van NiekerkChristopher Liggins

New retirees The following six members have retired since the last issue of PensionsWise:

Ronald FoxMalcolm MurrayThomas BrownDavid DaviesPatricia RadfordJan McNeill

Expressing your wishesYour pension isn’t just about providing you with a retirement income; it’s also about ensuring your dependants and beneficiaries are protected. To assist the Trustees, it is important that you keep your “Expression of Wish” form up to date – especially if your circumstances have changed since you first joined the Scheme.

If you need another form you can find one on the website www.b-pensionswise.co.ukalternatively you can ask Adrian Devlin for a copy using the contact details shown on page three.

It’sIt’sIt’sIt’sIt’s all all all all all aboutaboutaboutaboutaboutabout you you you you you youabout youaboutabout youabout

Tracking down missing members

Does your pension have the X factor?

this isn’t a dress rehearsal www.b-pensionswise.co.uk

The site includes a section on understanding pensions which tells you what to think about at different stages in your career.

Understanding pensions online

This information is taken from the Scheme’s latest accounts, as at 31 March 2009, which was signed on 26 October 2009. Where appropriate we have provided updates to 31 December 2009.

The Scheme’s

finances

Market updateYou can’t escape the credit crunch. Every time you turn on your TV you’re sure to hear about the “downturn”, or the “recession”. What does it all mean for your pension? In this section we explore how your funds have been affected by the financial turmoil, and what the prospects are for your Retirement Account to recover its value.

An update on global markets for the year to december 2009In late 2008 and the early part of 2009 the financial crisis continued to affect the global economy and equity markets around the world lost value. All major economies, including the US, Japan and most countries in Europe, suffered from the downturn and in the UK the decline was significant. The recession deepened as global banks began to stop lending to both businesses and consumers, and any loans they did make became more expensive.

In response to the crisis, governments and central banks reduced interest rates and tried various other ways to kick start the economy, and to encourage the banks to start lending again.

scheme news online

Keep up to date online. The website includes a news section which we will keep updated with news about the Scheme and pensions in general. If you add the website to your favourites you can check it regularly for new information.

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In early March 2009 the economy began to recover and the investment markets started to regain some of the ground that they had lost. The economies of the US, Japan, and those countries in the Euro moved out of recession. Yet the UK has taken longer to recover, and only just started to pull out of recession in January 2010. Indeed, any recovery in the UK may take longer as it is likely that the Government will need to increase taxes and cut its own spending to repay the amounts it borrowed in an attempt to shore up the economy.

The Trustees are investing the pension Scheme assets with the long term in mind. Investments are held in a wide range of different types of asset classes each of which would generally be expected to produce different returns during the economic cycle.

Yet members’ pensions in the DB Section are linked directly to their salary and years of service rather than underlying performance of the funds, so members should not be too concerned about recent market events in respect of their pension. The key issue for

Defined Benefit Section members is the benefit guarantee provided by Bacardi-Martini Limited and any shortfall in assets in the future would be expected to be topped up by the Company when required.

A note on Blackrock and BGiIf you keep an eye on the financial press, you may have seen the recent news about Blackrock’s acquisition of BGI, which took place on 1 December 2009. Although this means that your DC funds are now managed by BlackRock, the process and people behind BGI’s management of the funds will remain broadly

unchanged. Therefore, you can be assured that this change will have a limited impact for Scheme members. The Trustees and their advisers regularly keep track of our investment managers and we will let you know of any changes that may affect you.


Performance of the DB assetsThe tables below summarises the returns achieved by the assets of the Defined Benefit Section during the last year and the three years to 31 March 2009. We also include an update to 31 December 2009. In addition the corresponding retail price inflation (“RPI”) is shown and we have also shown the performance against the index return - the target return each fund is trying to achieve.

Figures at 31 March 20091 Year to 31 March

2009

3 Years to 31 March

2009

Fund return

%

Index return

%

Fund return (% per annum)

Index return (% per annum)

BGI -8.5 -8.5 0.1 -0.3Standard Life -40.2 -29.3 -15.0 -10.2Osiris -29.2 -27.1 -10.5 -9.0Abbey AVCs(1) 4.2 4.7Prudential Cash Fund 3.9 4.8 Retail Price Inflation -0.1 2.8

The Trustees Annual Report, which includes the financial statement for the Scheme year to 31 March 2009, has been signed off by the Trustees. The Auditors, PricewaterhouseCoopers LLP, gave their opinion that the financial statement gave a true and fair view of the financial transactions of the Scheme.


Money in and out of the SchemeThe following table summarises the value of the Scheme’s assets (including members’ AVCs) at the start and at the end of the latest full Scheme Year, including income and expenditure during the period.

Value at 31 March 2008: £48.04mWhat came in:Company contributions and AVCs £0.53mWhat went out:Retirements and other payments -£2.40mReturns on investments -£8.44mValue at 31 March 2009: £37.73m

(At 31 December 2009 the value of the assets had increased to £46.99m)

Figures at 31 December 2009

1 Year to 31 December 2009

3 Years to 31 December 2009

Fund return

%

Index return

%

Fund return (% per annum)

Index return (% per annum)

BGI 13.0 12.6 4.9 4.4Standard Life 50.3 30.1 -3.6 -1.4Osiris -2.8 -1.8 -13.0 -10.9Abbey AVCs(1) 0.5 3.3Prudential Cash Fund 0.6 3.6Retail Price Inflation 0.6 2.5

(1) This fund is only available to those who are currently contributing to it. Members wanting to start paying cash AVCs are able to use Prudential Cash Fund.

Let the bat fly...

Q1

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What is the difference between equities, gilts and cash?equities are shares in public companies traded on a stock market. While equities are expected to grow more in value over the long term they carry a higher level of risk than gilts or cash – share prices can go up and down. If this happens just before you retire, then there will be little or no time for the value of your pension pot to recover before your retirement. This is why we have the Lifestyle Option (see question two) for you to invest your Additional Voluntary Contributions (AVCs) in.

Gilts are generally seen as lower risk and are a type of loan made to the UK government. Although the level of investment return may be lower, gilts carry lower risk than equities and cash as they are issued by the UK Government. There is a very low risk that the interest or the value of the bonds will not be paid. As insurance companies set the cost of an annuity according to the market value of bonds, investing your AVCs in bonds as you approach retirement can help you to protect the pension buying power of your Retirement Account.

Cash carries less risk than equities (the original invested sum is protected) but unlike gilts it does not come with a guarantee of interest being paid. Investing in cash can help to protect the value of your Retirement Account when you retire but the opportunity for growth will be very limited. Additionally, investing in cash will not protect the pension buying power of your Retirement Account (see gilts above).

What is the lifestyle Option for investing my AVCs?The Lifestyle Option aims to provide a good long-term rate of return over the majority of your working life by investing in equities. In the last 10 years before your normal retirement date it switches your investments out of shares into less volatile and lower risk investments (gilts and cash). This better protects your pension purchasing power close to retirement.

Can i have more investment choice over where to invest my AVCs?Yes, the Trustees are currently looking to allow you to choose between a wider range of investment funds and are planning to give you an update on this in 2010.

You can already choose between the funds managed by BGI (the equities, gilts and cash funds) and the Prudential Deposit Fund.

What is an annuity?When you take your benefits at retirement, the money you have accumulated as AVCs in your Retirement Account is used to buy a pension from an insurance company. For more information on annuities, read “Your retirement won’t add up without you” on page four.

if i have five or six different money purchase pensions when i come to retire, will it be more costly to purchase different annuities.It can occasionally be beneficial to aggregate all schemes into one larger pot with an annuity provider – especially if some of the funds with other schemes are relatively small. However, it is always advisable to obtain independent financial advice before proceeding with any transfer of pension benefits. It is possible that old schemes may provide certain guarantees (e.g. protected rights) that would be lost should any transfer proceed and this should be carefully considered before any transfer decision is made.


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Scheme funding updateThe headlinesThe Scheme’s funding position has changed dramatically since the Scheme’s last formal valuation as at 31 March 2006, which showed that it had a small surplus of £5.2m. Since the last valuation, the global “credit crunch” has hit the world’s financial markets (see page eight), and this has affected the Scheme’s funding position.

The Trustees are still discussing the latest full valuation as at 31 March 2009, but the latest draft indicates that there is a deficit of about £8.5m in the Scheme. This result is yet to be finalised but the Trustees are currently in discussions with the Company about how the deficit will be financed.

Changes to the funding levelIf the Scheme had exactly the right amount of money to pay pensions, the funding level would be 100%. The graph below illustrates how the Scheme’s funding level changed between March 2006 and March 2009. While the funding level stood at 113% at 31 March 2006, this surplus had disappeared by October 2008 when the Scheme first fell below a 100% funding level and into deficit. As the funding level graph shows, the Scheme’s funding level changes over time. Yet these changes should not cause alarm. It is the Trustees’ role, with the support of the Company, to manage the Scheme with a long-term view.

This section of PensionsWise gives you the information you would normally find in the


Estimated progression of funding level from 31 March 2006 to 31 March 2009

Fun

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How the Scheme works The DB section provides what is known as a final salary pension – that is, a pension that is calculated based on your salary when you leave the Company and your length of service. The cost of providing these benefits is met entirely by the Company. The Scheme’s assets are held in a common fund. They are not allocated to individual members of the DB section.

How do we work out how much money is needed to pay pensions? Every three years, the Scheme’s Actuary carries out a detailed financial review of the Scheme – known as an actuarial valuation. The Actuary estimates how much money the Scheme might need in the future to pay members’ promised benefits and compares this to the amount of money in the Scheme. This information allows the Trustees and the Company to discuss and agree the amount of contributions the Company will pay into the Scheme. The Actuary updates these findings each year to help the Trustees to monitor the Scheme’s finances.

The Actuary makes certain assumptions about the future to work out how much money the Scheme needs so that it can pay the pensions members have earned. The assumptions include expected future investment returns, inflation and salary growth as well as how long members are expected to live.

Reminder!

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Annual Summary Funding Statement

1212 www.b-pensionswise.co.uk

What was the Scheme’s financial position at the last completed actuarial valuation? The Trustees are currently discussing the results of the latest valuation of the Scheme and we will report more fully on this valuation next year. At the date of the last completed valuation, as at 31 March 2006, the Scheme’s assets of £46.1m exceeded its liabilities of £40.9m, giving it a £5.2m surplus.

How has the funding position changed since the last formal valuation? The funding position has deteriorated in the period since 31 March 2006, largely due to negative returns on assets. The graph on the previous page shows the change in the funding level since the last valuation. As at 31 December 2009 the funding level stood at 96%. This position will continue to be reviewed regularly by the Trustees and the Company.

What would happen if Bacardi did not continue to pay for the Scheme? The Company is committed to supporting the Scheme. However, the Trustees are also required to calculate the funding position if the Scheme was discontinued. If the Scheme was discontinued, its assets would be used to purchase policies from an insurance company to pay pensions. These insurance policies are relatively expensive. They are designed to ensure that you get your full pension so insurance companies tend to be very cautious when pricing their policies and investing the money they receive when trustees buy these policies (by transferring scheme assets to the insurer).

The Scheme Actuary estimated that on this ‘discontinuance’ basis, as at 31 March 2006, the Scheme would have had a shortfall of about £4.9 million and a corresponding funding level of 91%. The Trustees are required to confirm to you that there has not been any payment to the Company out of the Scheme’s funds over the twelve months preceding the date of this statement.

What was the Scheme’s financial position at the last completed

The Trustees are currently discussing the results of the latest valuation of the Scheme and we will report more fully on this valuation next year. At the date of the last completed valuation, as at 31 March 2006, the Scheme’s assets of £46.1m exceeded its liabilities of £40.9m, giving it a






twelve

Financial

health check

Documents

January 2010 PLAN YOUR PENSION PARTY A p e n s i o … retirement won’t add up without you Bacardi–Martini UK Pension Scheme Defined Benefit Section January 2010 PLAN YOUR PENSION