The net balance sheet position (IAS19) of the pension plans at the end of Q3 2015 was a deficit of €0.9 billion (year-end 2014: €0.8 billion). This was the result of the net effect of:

  • Lower asset returns
  • In Q3 2015, one buy-in transaction was concluded in relation to the ICI Specialty Chemicals Pension Fund with a €59 million impact on Other comprehensive income. Total year-to-date de-risking of pension liabilities through non-cash buy-in transactions of £1.7 billion (€2.4 billion), has led to an impact of €380 million on Other comprehensive income

Offset by:

  • Top-up payments of €349 million year-to-date predominantly into certain UK pension plans
  • Higher discount rates in the key countries

The triennal review of the ICI Pension Fund was completed in July 2015, a new valuation and payment schedule was agreed with the Trustees