History of the Scheme
The British Tourist Boards’ Staff Pension and Life Assurance Scheme is a multi-employer scheme which was established on 14 July 1957 by The British Travel and Holidays Association.
By a deed dated 31 December 1969, the current Principal Employer, British Tourist Authority, assumed the obligations and liabilities of the Association under the Scheme.
It is managed by the Trustees, who act as independent stewards of the Scheme. The contributions that are collected from members and from the Employers are invested with various fund managers in the stock market and elsewhere.
Legislation requires a valuation exercise to be completed by the Scheme Actuary every three years. The Actuary reviews the assets and the liabilities of the Scheme to determine the Scheme’s financial position. This also involves consultation with the Employers. The Scheme Actuary’s conclusions will influence the contributions to be made by Employers in future years, ensuring that the Scheme is properly funded to meet future liabilities.
There has been a great deal of change since the Scheme’s inception to meet new regulations. Working with the Employers and the advisers, the Trustees endeavour to steer the Scheme on the correct course for its members and supply regular information to members through this website and directly. The most recent Annual Report is available in the Library.