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.