EMI Group has reached a funding agreement with the Trustees Board of the company pension fund.

In a statement, EMI said a multi-year payment plan has been agreed to provide £197 million ($316 million) in additional funding including an immediate £16 million ($26 million) payment. The final payment under the plan will be made in April 2016.

EMI said the U.K. Pensions Regulator has confirmed that terms of the agreement are acceptable. A scheduled hearing before its determinations panel has now been canceled.

EMI Group CEO, Roger Faxon, commented: "I am very pleased that we have been able to work with the Trustee Board to resolve all outstanding matters and reach this amicable agreement, which is aimed at reassuring members of the Fund of the security of their pensions."