BusinessCompany NewsICI takes out £250m pension insurance

ICI takes out £250m pension insurance

ICI has set aside £250m in company assets to insure its pension scheme against insolvency.

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.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

4w Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

5m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

5m Alia Shoaib, Reporter
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

8m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

8m Emma Smith, Managing Editor
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

8m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

8m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

8m Emma Smith, Managing Editor