Pensioners of the ICL Group Pension Plan would normally receive a Summary Funding Statement each September keeping them informed about the funding position of the Plan. The Trustee will, however, not be issuing a statement this year as they are currently working on the triennial actuarial valuation dated 31 March 2009.

The Pensions Regulator has confirmed that Trustees do not need to issue a statement in the year when the valuation process is underway. Instead, they are allowed to postpone issuing the statement until a reasonable period following the date by which the Trustee must sign off the valuation. The Regulator has defined a reasonable period as 3 months.

The valuation must be signed off by 30 June 2010 and the Trustee will therefore issue the next statement in September 2010. This statement will give you a summary of the results of the 2009 valuation.

Note this announcement was prepared following a request from Pensioner Representatives.