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					                               Printing Industry Pension Scheme
G R A P H I C A L , PA P E R
 & M E D I A S E C TO R
                                         February 2009

Chairman’s Letter
         Dear Member,

         2008 was a difficult year for most people with very few being untouched by the financial events
         and credit crunch. Many PIPS members have understandably been phoning our advisers with
         queries about their pension investments and they are able to discuss each individual's position.
         This PIPS freephone facility is very valuable to members and often not available to those in
         other pension schemes!
         Because of members' concern about their investments, we have included in this newsletter,
         comments from our two providers (Legal & General and Standard Life) on page 2. Any member
         with specific queries is invited to contact our advisers (Meridan and Bentley Jennison) for
         guidance - phone numbers on back page.
         The other main feature of last year was the enactment of the Pensions Bill which introduces new
         pension arrangements in 2012. These may impact on some PIPS members (not detrimentally)
         as employers may need to review their position to be ready for 2012. More information can be
         found in the "Personal Accounts" article on page 2.

         Yours Sincerely

         Dennis Haynes                         Chairman of the PIPS Management Committee

BPIF and UNITE – Scheme Sponsors
         Andrew Brown (BPIF Corporate               are advisers just a freephone call
         Affairs Director) and Glyn Beaver          away".
         (Unite Print Sector Officer) both stress   Both Andrew and Glyn are confident
         the continued support of the two           that when the new Government
         trade associations to the Printing         pension arrangements start (in
         Industry Pension Scheme. Andrew            2012), PIPS will continue as a          GLYN BEAVER
         comments "PIPS is helping the              qualifying scheme and provide an
         industry to address the difficult          attractive option for companies
         pension issues facing many                 preferring to use an industry wide
         companies. Glyn adds, "scheme              scheme. PIPS will aim to be more
         members have the reassurance of            responsive to employers and
         knowing that their union, with the         members than the standard
         BPIF form the committee which              Government "Personal Accounts"
                                                                                            ANDY BROWN
         watches over the scheme and there          arrangements.
Printing Industr y Pension Scheme         PENSION REVIEW 2009

Pensions Bill – 2008 – Personal Accounts
  In the last newsletter we reported that the   and as PIPS schemes will continue on            receive a 3% employer contribution
  Pensions Bill was being introduced by the     the current good value and user friendly        (phased in over 3 years).
  Government and the new provisions             basis, we hope that most, if not all            As part of the PIPS policy of keeping
  would start in 2012. The new pension          companies, will stay with PIPS.                 employers and members fully informed,
  laws are now a fact of life and, despite      From 2012, the new Act requires that all        in 2009 the advisers will undertake to
  some continued debate, will kick in as        companies must have a pension scheme            visit all existing PIPS employers to discuss
  planned. 2012 is still some way away          in place which meets certain standards          the implications of the new pension
  but PIPS will keep all members informed       and most employees will be                      arrangements.
  of any changes that may apply.                automatically enrolled and pay a 4%             Keep watching the website for further
  Employers will be reviewing their pension     monthly contribution. Employees can opt         general news.
  arrangements coming up to that date           out but if they stay enrolled they will also

Pensions and the financial crisis: INFORMATION FOR SCHEME MEMBERS
                   My pension in the current              Standard Life is a strong financially secure business,
                   economic climate                       as evidenced by our most recent business results
                   It isn’t easy to ignore the headlines. published on 30 October 2008.
                   When newspapers, TV and radio talk     We have a robust balance sheet with a strong
                   of a recession, market declines and    solvency position that is relatively insensitive to stock market improvements.
 bankruptcies of high profile firms, it’s only natural to Our position has remained robust despite rough current market conditions
 start thinking about your own pension investments.       and we can assure our customers that their savings plans with Standard
 But the picture isn’t as bleak as you might think. For   Life are secure.
 mid to long term investors, riding through even the      Of course, the value of investments can go down as well as up but for
 most severe short term fluctuations may still give you a most of our customers who typically choose a diversified mix of
 far greater return than having your money on the         investments, their investment risk is spread with only a modest exposure to
 sidelines.                                               the shares of any one particular company or sector.
 Is my Legal & General pension safe?                      The last 12 months have proved an extremely volatile period for investors,
 Legal & General is one of the highest rated, financially with global equity markets buffeted by the deepening crisis in financial
 strong insurance companies in Europe. We’ve also got markets due to problems with sub-prime lending in the US, at the same
 strong capital reserves on our balance sheet. This       time as sky-rocketing commodity prices, and continually disappointing
 means that we’ve got a lot of money put by, if the       economic data. During this period the Managed Fund has
 worst should happen, to back the business and support underperformed its benchmark as can be seen from the table below,
 the funds of people like you.                            however as you will be able to see, longer term relative performance
 So don’t see our current economic conditions as a        remains healthy, with the Fund placed in the top 33% of Funds over 3
 reason to stop investing; or as a reason to worry about years, and top 25% of Funds over 5 years. While we are disappointed with
 the safety of your money. Your investments with Legal & recent performance, given the long term nature of pensions we are
 General are investments with a financially strong        pleased to be outperforming the benchmarch over longer time periods.
 company. What’s more, we have a proven record of
                                                                                                        1 year 2 years 3 years 5 years
 managing through difficult conditions, so you can rest
                                                             Managed Fund                           -17.29% -7.24% 3.87% 40.61%
 assured that we’ll be there for you every step of the
                                                             (ABI) Balanced Managed Sector Average -15.76% -7.11% 2.07% 35.30%
                                                             Percentile Rank                             66       40      31    22
 Legal & General aim to track the index +/- 0.50% in
 2 out of 3 years a target we have successfully achieved Looking at recent performance, stock selection in the UK Equity portfolio
 year on year. Our view of the UK Equity Market is that    was the largest drag on performance, in particular our exposure to
 “we remain cautious of the short term impacts of the      financial stocks such as RBS and HBOS. On the positive side, exposure to
 credit crunch on the financial sector and of the          oil related companies Tullow Oil and Expro provided the Fund with a
 medium term impact on the global economy in the           boost.
 UK. We keep our focus on companies with resilient         While it has been a difficult period for investors, at Standard Life
 business models of where self-help will deliver           Investments we remain confident in our ability to delivery consistent long
 improving returns”.                                       term outperformance for our valued customers.

Pips Website
 The new PIPS website is now up and running     within the printing industry. As an existing    on the contact page. The FAQs (frequently
 - it's at:       PIPS member you may be able to access           asked questions) provide answers to many
 Please have a look and by all means let us     your account information online, which is       typical queries but we want to stress that PIPS
 know what you think!                           easily done by clicking on the log-on address   will continue to give the personal service that
 The website is designed for everyone to look   (for your provider) on the Links page.The       is so important to members. The website will
 at. This could be an employer looking for a    contact page gives you various e-mail           be complementary to this annual newsletter
 suitable company pension arrangement or        addresses including the secretary although      and enables PIPS to show current pensions
 perhaps an employee just looking for           many members will naturally prefer to talk to   news items of general interest.
 information about what may be available        someone on the telephone numbers shown
                                                                              Printing Industr y Pension Scheme                 PENSION REVIEW 2009

Membership Details for the Year Ending October 2008
                             SCHEME MEMBERS                                                                 Number of PIPS members
                   Printing Industry Pension                                                      6000
                   Scheme . . . . . . . . . . . . . . . . . . . . 4,996                           5000
                   Scottish Print Pension                                                         4000
                   Scheme . . . . . . . . . . . . . . . . . . . . 1,008                           3000
                                                        Total: 6,004                              2000
                                       PIPS FUNDS                                                    0
                 80                                                                                         1      2      3       4      5      6      7      8      9
                                                                                                           2000   2001   2002    2003   2004   2005   2006   2007   2008
                 75                                                                                        3826   4431   5667    5882   5632   5364   5589   5167   4996

                 55                                                                                          SCHEME VALUATIONS
                 45                                                                                                                                £M’S
     £ MILLION

                 40                                                                                      Printing Industry Pension
                 35                                                                                      Scheme . . . . . . . . . . . . . . . . . . 67.6
                 25                                                                                      Scottish Print Pension
                 20                                                                                      Scheme . . . . . . . . . . . . . . . . . . 19.1
                                                                                                                                           Total: 86.7
                  0    1        2       3      4       5        6       7         8      9
                      2000     2001    2002   2003    2004    2005     2006      2007   2008
                      28.8     30.7    38.3   45.9    50.1    60.7     75.5      80.3   67.6

Printing Industry Charitable Organisations - PCC and GPM Trust
 There are two main print industry charities that exist to help people (and dependants) who work, or have worked in the industry. We have
 been asked to publicise the contact information about these charities to enable people (of any age) to apply for financial help if they are
 experiencing hardship. If you (or anybody you know who worked in the industry) wish to apply for help, the details are below and both
 charities invite applications to their addresses. We must stress that PIPS is not involved with applications and we are simply drawing your
 attention to the charities.
 n.b. all communications should be direct to the charity and not PIPS!
            GPM Graphical Paper & Media                                                 PCC – Printers Charitable Corporation
            Charitable Trust Administrators                                             Contact Details: Henry Smith,
            Contact Details: c/o Unite Amicus                                           The Printers’ Charitable Corporation
            GPM Leicester & East Midlands Branch                                        1st Floor - Underwood House, 235 Three Bridges Road
            57 Regent Road, Leicester LE1 6YF                                           Crawley, West Sussex RH101LS
            Tel: 0116 254 1900/7076                                                     Tel: 01293 542820
            Fax: 0116 254 2779                                                          Web:

 Please note that articles in this newsletter do not constitute regulated financial advice, and are only
 intended to provide general financial information. You are urged to contact the scheme advisers
 (see above) before making any important decisions about your finances.

                                                                                                    The role of the Management Committee
 Printing Industry Pension Scheme                                                         The role of the Management Committee is to consider the best interests of
                                                                                          members, deferred members and pensioners in connection with their existing
                  – Management Committee –                                                and future pension and risk benefits (such as life cover) plans within the
 The chairman of the PIPS Management Committee alternates every two years                 Printing Industry Pension Scheme, whether or not they are members of the BPIF
                                                                                          or UNITE/GPMS.
                                      CHAIRMAN                                            The Management Committee and its members act in an advisory capacity and
                             DENNIS HAYNES (UNITE)                                        are not empowered to take any decisions of a legal nature and nor does the
                                                                                          Management Committee have the authority to incur any financial obligation in
                  Glyn Beaver                        Andrew Brown                         connection with the Pension Scheme. All obligations for the operation and day
                 Unite/GPMS Officer            BPIF Corporate Affairs Director            to day activities for the Printing Industry Pension Scheme rest with the chosen
                                                                                          Pension Scheme providers and our appointed advisers.
     nominated Unite members                   nominated BPIF members                     The Management Committee will offer guidance and assistance to the appointed
                   Roy Taylor                        David Armstrong                      independent financial advisers and chosen scheme providers on behalf of the
                 Flo Ormesher                        Andrew Clement                       BPIF and GPMS. They will monitor and assess the performance and
                                                       Nigel Lyon                         administration carried out by the chosen advisers and scheme providers on
                                                                                          behalf of the members.
History Of The State Pension: 1908 – 2008
                                                                                        ADVISERS TO
   2008 saw the 100th anniversary of the state pension and whilst most talk
   these days is about its inadequacy, there was a time when no pension was             THE SCHEME
   paid to old people and the alternative was often the workhouse (see later)!
   One has to remember that in Victorian times, many simply lived and                   MERIDAN
   worked until they died, but by 1900 people were increasingly living beyond           FINANCIAL LLP
   the point when they were able to work and were actually retiring. But only a         Alan Hudson
   very few were able to enjoy their final years relaxing in comfort and many           Partner
   were forced into the workhouses.

   These days we all take the state pension for granted and assume it was               RSM
   something that Government and society wanted to give people, but this was            BENTLEY JENNISON
   not the case. There was a long running campaign to push the government               Philip Jenkins
   of the day into action, and the proposals were strongly opposed by the               Regional Director
   House of Lords!
   A lot of credit must go to David Lloyd George, the then Chancellor, who
   fought to lessen the plight of the poor by guaranteeing income to those too          BANKERS
   old to work and who met means and character tests. If you were a heavy
   drinker you would not receive anything, as it was feared the money would
   simply buy more drink.
   On August 1st 1908, the Old Age Pensions Act was passed, providing a                 PIPS SCHEME
   means tested (non-contributory) pension of up to 25p a week for single               PROVIDERS
   people aged 70 and 38p for married men. First payments were made in
   January 1909 and over half a million old and poor people queued up at
   their local post office to collect the first state pensions ever paid in the UK.

   There have been many changes over the years to the state pension - it
   became a contributory scheme under the National Insurance Act in 1946,
   with the age lowered to 65 for men and 60 for women. The entitlement
   age of women will now rise to 65 by 2020 and to 68 for both sexes by
   2046. Nowadays the basic weekly pension is £90.70 for every adult who
   has paid the full National Insurance contributions. A spouse who has not
   paid all their contributions can claim £54.35 a week based on their
   partner's payments.

   THE WORKHOUSE - This was the last resort of the poor and often old                   HERE TO HELP
   (most were women). The workhouses were modelled on the prison system,                If you have a query about your
   discipline was rigid and breaking the rules could lead to increased working          pension, please write to:
   hours, reduced diets or solitary confinement. In 1891, England had 1.3               Julie Coombs
   million paupers and the over 60s accounted for 30%. The workhouse had                PIPS Pension Scheme
                                                                                        Meridan Financial LLP
   become the state's way of caring for the elderly and, whilst they became
                                                                                        Freepost (RLSU-JLHJ-SLAA)
   less harsh, they were not abolished until 1929.
                                                                                        7 Thomas Lane,
                                                                                        Bristol BS1 6JG
PIPS Secretary                                                                
                                                                                        or telephone
  Barry was appointed as PIPS secretary in September
  2001. He is responsible for ensuring that PIPS Trustee                                FREEPHONE
  Limited is compliant with the legal requirements of                                   0800 132100
  Companies House. In addition, Barry liaises with Unite
  Head Office and Branches.
                                                                  BARRY DIXON
                                                                                          PIPS ADVISERS:
                                                                                          Meridan (Alan Hudson)
 PIPS COMMITTEE                                                                           on freephone
 Dennis Haynes continues as chairman for 2009. Nigel Lyon has joined the committee as     0800 132100 &
 a BPIF nominated trustee. Nigel is MD of Pinstripe Print Group in Birmingham, and we     Bentley Jennison
 hope he enjoys his involvement with PIPS.                                                (Philip Jenkins) on
                                                                                          0207 9203203.

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