Imperial Tobacco Agrees £65m-a-year Recovery Plan

Imperial Tobacco has agreed a £65m-a-year recovery plan, to eliminate the deficit of the Imperial Tobacco Pension Fund by March 2028.

Commemorative Quesada 40th Hits US Cigar Shelves

The plan was agreed after the scheme, which has a deficit of £946m on an accounting basis, completed its latest triennial valuation.

The employer’s contribution has increased from £31m a year – to an initial payment of £48m on 31 March 2014, expected to be followed by payments of £53m and £58m in March 2015 and 2016 respectively.

This is to be followed by payments of £65m in March each year until 2028. These contributions will be reviewed again when the triennial valuation is undertaken as at 31 March 2016. Enditem