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This excerpt taken from the ICI 6-K filed Mar 21, 2007. (xiv) Post-retirement
benefits The Company operates defined contribution and multi-employer defined benefit schemes for its employees. The cost recognised in the period for defined contribution schemes amounted to £82m in 2006 (2005 £45m). Outstanding contributions at the balance sheet date amounted to £nil (2005 £nil). The principal multi-employer defined benefit schemes in operation in the UK are the ICI Pension Fund and the ICI Specialty Chemicals Pension Fund. The date of the most recent full actuarial funding valuation for the ICI Pension Fund and the ICI Specialty Chemicals Pension Fund was 31 March 2005. The Company is unable to identify its share of the underlying assets and liabilities of these funds. The deficit on the ICI Pension Fund and ICI Specialty Chemicals Pension Fund amounted to £697m (2005 £817m) and £111m (2005 £140m) respectively at 31 December 2006. Under FRS 17, the Company treats its contributions into these schemes as though they were defined contributions and has consequently not recognised any deficit relating to these schemes. The Company agreed to make “top-up” contributions to the ICI UK Pension Fund over nine years, comprising annual payments of £122m for the first four years, from 2006 to 2009, and annual payments of £62m for the following five years, from 2010 to 2014. It also agreed to make “top-up” contributions to the ICI UK Specialty Chemicals Pension Fund over ten years, comprising annual payments of £12.3m, from 2006 to 2015.
This excerpt taken from the ICI 20-F filed Mar 31, 2006. Post-retirement
benefits Under IFRS, a post-retirement benefit liability was recognised in relation to Quest Food Ingredients on transition. This liability was included in the disposal of Quest Food Ingredients during the year. iii) Taxation
This excerpt taken from the ICI 6-K filed Mar 14, 2006. (xiv) Post-retirement
benefits
The Company operates defined contribution and multi-employer defined benefit schemes for its employees. The cost recognised in the period for defined contribution schemes amounted to £45m in 2005 (2004 £51m). Outstanding contributions at the balance sheet date amounted to £nil (2004 £nil). The principal multi-employer defined benefit schemes in operation in the UK are the ICI Pension Fund and the ICI Specialty Chemicals Pension Fund. The date of the most recent full actuarial funding valuation for the ICI Pension Fund and the ICI Specialty Chemicals Pension Fund was 31 March 2005. The Company is unable to identify its share of the underlying assets and liabilities of these funds. The deficit on the ICI Pension Fund and ICI Specialty Chemicals Pension Fund amounted to £817m and £140m respectively at 31 December 2005. Under FRS 17, the Company treats its contributions into these schemes as though they were defined contributions and has consequently not recognised any deficit relating to these schemes.
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