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This excerpt taken from the ICI 20-F filed Apr 1, 2005. Healthcare (UITF Abstract 6)
The Group provides in North America, and to a lesser extent in some other countries, unfunded healthcare and life assurance benefits for retired employees. At 31 December 2004 approximately 18,000 (2003 18,000) current and retired employees were eligible to benefit from these schemes. The liabilities in respect of these benefits are fully accrued over the expected working lifetime of the existing members. The total post-retirement healthcare cost for the Group’s major post-retirement benefit schemes for 2004 was £14m (2003 £15m; 2002 £12m) and the provision at the year end was £160m (2003 £167m). The total post-retirement healthcare provision at the year end, including the Group’s minor post-retirement benefit schemes, was £176m (2003 £188m). In accordance with UITF Abstract 6, the Group has adopted the measurement basis of the US Standard, SFAS No.106 as the basis of its UK GAAP reporting. Costs and provisions were determined on an actuarial basis. The assumptions relating to the schemes are set out in the table in note 42. The healthcare cost trend has a significant effect on the amounts reported. For the Group, increasing the assumed healthcare cost for the major schemes by 1% in every year would increase the accumulated post-retirement benefit obligation as of 31 December 2004 by £12m (2003 £11m) and the aggregate of the service and interest cost components of net periodic post-retirement benefit cost for the year ended 31 December 2004 by £1m (2003 £1m).
ICI ANNUAL REPORT AND ACCOUNTS 2004 Notes relating to the accounts
This excerpt taken from the ICI 6-K filed Mar 16, 2005. Healthcare (UITF Abstract 6)
The Group provides in North America, and to a lesser extent in some other countries, unfunded healthcare and life assurance benefits for retired employees. At 31 December 2004 approximately 18,000 (2003 18,000) current and retired employees were eligible to benefit from these schemes. The liabilities in respect of these benefits are fully accrued over the expected working lifetime of the existing members. The total post-retirement healthcare cost for the Group’s major post-retirement benefit schemes for 2004 was £14m (2003 £15m; 2002 £12m) and the provision at the year end was £160m (2003 £167m). The total post-retirement healthcare provision at the year end, including the Group’s minor post-retirement benefit schemes, was £176m (2003 £188m). In accordance with UITF Abstract 6, the Group has adopted the measurement basis of the US Standard, SFAS No.106 as the basis of its UK GAAP reporting. Costs and provisions were determined on an actuarial basis. The assumptions relating to the schemes are set out in the table in note 42. The healthcare cost trend has a significant effect on the amounts reported. For the Group, increasing the assumed healthcare cost for the major schemes by 1% in every year would increase the accumulated post-retirement benefit obligation as of 31 December 2004 by £12m (2003 £11m) and the aggregate of the service and interest cost components of net periodic post-retirement benefit cost for the year ended 31 December 2004 by £1m (2003 £1m).
ICI ANNUAL REPORT AND ACCOUNTS 2004 Notes relating to the accounts
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