General Motors has agreed to pump $6bn into its pension scheme as soon as it completes its imminent Initial Public Offering, amounting to what could be the largest corporate contribution to its pension scheme ever seen.

According to documents filed by GM, the company will contribute $4bn in cash and a further $2bn in its own stock. It will also be redeeming $2bn of preferred stock owned by the US Government while terminating wholesale finance arrangements with its dealers and making good medical benefits to staff worth $2.8bn.