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The funded status of the pension plans at year-end 2013 was a deficit of €0.6 billion (year-end 2012: €1.1 billion as reported, €0.9 billion on restated basis). The movement compared with year-end 2012 is primarily due to:

  • Changes in accounting standard IAS 19 (effective January 1, 2013) by €183 million
  • Top-up payments of €311 million into certain pension plans
  • A contribution to the US pension plan of €127 million to de-risk the pension liabilities in that country
  • Higher discount rates in all key countries

Offset by:

  • Higher inflation
  • Lower asset returns
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