The funded status of the pension plans at the end of Q2 2014 was a deficit of €1.1 billion (year-end 2013: €0.6 billion).

The movement compared with year-end 2013 is primarily due to:

  • De-risking the pension liabilities in the UK in Q1
  • Lower discount rates in all key countries

Offset by:

  • Top-up payments of €298 million into certain defined benefit pension plans in the UK
  • Better than assumed asset returns
  • Lower inflation in the UK