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.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements