LONDON -(Dow Jones)- Johnson Matthey PLC (JMAT.LN) said Tuesday that it has entered into a minimum 90 day consultation period over the structure of future pension arrangements for its U.K. employees. MAIN FACTS: -The provisional results of the latest triennial revaluation of the company's U.K. final salary pension scheme indicates an actuarial deficit as at April 1 of GBP173 million. -This compares with a surplus of GBP26 million as at April 1, 2006. -The company has agreed to eliminate this deficit by making additional cash contributions of GBP23.1 million per annum over the next 10 years from April 1, 2010. -In order to limit the growth of future pension liabilities, the company is proposing that, subject to consultation, with effect from 1st April 2010, its current contributory final salary pension scheme will be replaced by a non-contributory career average salary, defined benefit scheme. -This career average salary scheme was introduced for all new employees in the U.K. from April 1, 2006. -The result of this consultation process will be known in early 2010. -By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com
