This excerpt taken from the ICI 6-K filed Mar 21, 2007.
Retirement and other benefits
The nature and scale of the Executive Directors benefits packages are positioned around the median of the relevant national market.
The major element of the retirement and other benefits package is the retirement benefit. Since October 2000 (UK) and April 2002 (USA) all new employees, including Executive Directors, have retirement benefits provided on a defined contribution basis or receive an equivalent cash allowance, so that the costs to ICI are stable and predictable. Where Executive Directors participated in a defined benefit pension plan prior to October 2000 (UK) or April 2002 (USA) they retain this entitlement on equivalent terms to those that had applied at the time they joined the ICI Group when their business was acquired from Unilever. Where possible, plans provide flexibility and choice to increase participant commitment, and enable executives to make their own contributions in addition to those made by ICI. In this way, the Company encourages and supports its Executive Directors to play an active role in planning for their own retirement needs. It is ICIs policy, where this is in line with local practice, to fund for its retirement benefit liabilities.