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ICI » Topics » UK Inland Revenue pensions simplification tax regime

This excerpt taken from the ICI 6-K filed Mar 21, 2007.
UK Inland Revenue pensions simplification tax regime
The Remuneration Committee has agreed ICI’s approach in response to the UK pensions simplification legislation, which became effective on 6 April 2006, for those Executive Directors who are members of UK pension plans. Such Executive Directors were given the option of either:

• maintaining the existing pension arrangement, in which case the executive would take personal responsibility for any additional taxation arising, or
   
• ceasing to accrue pension benefits in respect of future service and instead receiving a cash retirement benefit allowance, subject to income taxation. Past service benefits would remain linked to future salary increases.

This cash alternative is in line with ICI’s defined contribution benefits policy and the level of retirement benefit allowance payable will be in line with existing Company contribution rates to the ICI UK defined contribution plan. These arrangements will not increase the cost to the Group of pension provision.

This excerpt taken from the ICI 20-F filed Mar 31, 2006.
UK Inland Revenue pensions simplification tax regime
The Remuneration Committee has agreed ICI’s approach in response to the UK pensions simplification legislation, which will become effective on 6 April 2006, for those Executive Directors who are members of UK pension plans. Such Executive Directors will be given the option of either:

• maintaining the existing pension arrangement, in which case the executive would take personal responsibility for any additional taxation arising, or
   
• ceasing to accrue pension benefits in respect of future service and instead receiving a cash retirement benefit allowance, subject to income taxation. Past service benefits would remain linked to future salary increases.

This cash alternative is in line with ICI’s defined contribution benefits policy and the level of retirement benefit allowance payable will be in line with existing Company contribution rates to the ICI UK defined contribution plan. These arrangements will not increase the cost to the Group of pension provision.

This excerpt taken from the ICI 6-K filed Mar 14, 2006.
UK Inland Revenue pensions simplification tax regime
The Remuneration Committee has agreed ICI’s approach in response to the UK pensions simplification legislation, which will become effective on 6 April 2006, for those Executive Directors who are members of UK pension plans. Such Executive Directors will be given the option of either:

• maintaining the existing pension arrangement, in which case the executive would take personal responsibility for any additional taxation arising, or
   
• ceasing to accrue pension benefits in respect of future service and instead receiving a cash retirement benefit allowance, subject to income taxation. Past service benefits would remain linked to future salary increases.

This cash alternative is in line with ICI’s defined contribution benefits policy and the level of retirement benefit allowance payable will be in line with existing Company contribution rates to the ICI UK defined contribution plan. These arrangements will not increase the cost to the Group of pension provision.

This excerpt taken from the ICI 20-F filed Apr 1, 2005.
UK Inland Revenue pensions simplification tax regime
The Remuneration Committee has agreed ICI’s approach in response to the UK pensions simplification legislation, which will become effective on 1 April 2006, for those Executive Directors who are members of UK pension plans. Such Executive Directors will be given the option of either:

•   maintaining the existing pension promise, in which case the executive would take personal responsibility for any additional taxation arising, or
   
•   ceasing to accrue pension benefits in respect of future service and instead receiving a cash retirement benefit allowance, subject to income taxation. Past service benefits would remain linked to future salary increases.

This is in line with ICI’s defined contribution benefits policy and the level of retirement benefit allowance payable will be in line with existing contribution rates to the ICI UK defined contribution plan.

ICI ANNUAL REPORT AND ACCOUNTS 2004

Back to Contents

52
   REMUNERATION REPORT  
       

This excerpt taken from the ICI 6-K filed Mar 16, 2005.
UK Inland Revenue pensions simplification tax regime
The Remuneration Committee has agreed ICI’s approach in response to the UK pensions simplification legislation, which will become effective on 1 April 2006, for those Executive Directors who are members of UK pension plans. Such Executive Directors will be given the option of either:

•   maintaining the existing pension promise, in which case the executive would take personal responsibility for any additional taxation arising, or
   
•   ceasing to accrue pension benefits in respect of future service and instead receiving a cash retirement benefit allowance, subject to income taxation. Past service benefits would remain linked to future salary increases.

This is in line with ICI’s defined contribution benefits policy and the level of retirement benefit allowance payable will be in line with existing contribution rates to the ICI UK defined contribution plan.

ICI ANNUAL REPORT AND ACCOUNTS 2004

Back to Contents

52
   REMUNERATION REPORT  
       

EXCERPTS ON THIS PAGE:

6-K
Mar 21, 2007
20-F
Mar 31, 2006
6-K
Mar 14, 2006
20-F
Apr 1, 2005
6-K
Mar 16, 2005

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