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The funded status of the pension plans at Q1 2012 was estimated to be a deficit of €0.3 billion (year-end 2011: €0.5 billion). The movement in the quarter is primarily due to:

  • Top-up payments of €322 million into certain UK and US defined benefit pension plans
  • An additional one-time payment of €239 million into the UK ICI Pension Fund

Off set by:

  • Lower discount rates increasing the pension obligation
  • Higher inflation in the UK increasing the pension obligation
  • Asset returns lower than expectation.
Copyright © 2012 Akzo Nobel N.V.