The Closed Fund is a defined benefit pension scheme and was established as a separate fund from the existing ITB Pension Fund in 1983.  The benefits of members who worked for Industry Training Boards that were closed at that time (including benefits of members that had left the employment of the continuing Boards) were put into the Closed Fund, together with a proportion of assets to ensure the benefits could be paid in full.

The Trustee commenced the formal process of winding-up the Closed Fund on 30 January 2026. All members were sent letters about this on 13 February and 31 May 2026.

Pension Insurance Corporation are now the administrators of the Fund and any benefit queries should now be directed to them using the contact details below:

Email: enquiries@picadmin.co.uk
Telephone: 0800 652 7000 (+44 1325 271860 from abroad)
Post: Pension Insurance Corporation PLC, PO Box 556, Darlington DL1 9YX

Full wind-up will take effect from late August 2026 when members will receive an individual policy from Pension Insurance Corporation.