The Open Fund Defined Benefit Section was established in the 1970s and serves Industry Training Boards and their successors. Over time some of the Boards either transitioned to different legal structures (the Successor Bodies) or wound-up and/or left the Funds.  Today there are seven main employers, two of which are Industry Training Boards. The Fund is structured between three benefit sections – Old, New and 2007.  The Old Section is the original set of benefits.  In 2003 the New Section benefits were established by the Trustee at the request of the employers and likewise the 2007 Section benefits were established from January 2008.  Members, therefore, may have a combination of Old, New and/or 2007 benefits depending on the options that were chosen for the staff of the employers.

The Participating Employers, with agreement from the Trustee, commenced the formal process of winding-up the Open Fund on 30 January 2026. All members were sent a letter about this on 13 February 2026.