According to today’s Financial Times, the company is also increasing top-up payments to its pension fund to £62m a year for nine years from 2004. It replaces a schedule of six annual payments of £30m agreed in 2000.
The £250m set aside will constitute an insurance policy for its pension scheme should the company become insolvent.
ICI’s new approach came as the CBI strongly criticised government plans to impose a levy on schemes to create a national pension insurance fund.
The latest actuarial valuation for ICI in March this year showed a pension deficit of £443m, even without applying controversial new accounting standard FRS17.
Harrison Beale & Owen will (HB&O) have a new chairman and managing director at the helm for 2017
Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal
UK senior partner Phil Verity has been elected for a second term at Mazars