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The funded status of the pension plans at the end of Q3 2012 was estimated to be a deficit of €0.9 billion (year-end 2011: €0.5 billion; Q2 2012: €0.6 billion).

The movement compared with year-end 2011 is primarily due to:

  • Top-up payments of €345 million into certain UK and US defined benefit pension plans
  • A payment from a contingent asset structure of €239 million into the UK ICI Pension Fund
  • Lower inflation in the UK decreasing the pension obligation

Offset by:

  • Lower discount rates significantly increasing the pension obligation.
Copyright © 2012 Akzo Nobel N.V.