The funded status of the pension plans at the end of Q3 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, giving rise to a loss of €0.8 billion which is recorded in other comprehensive income. More details of this transaction are provided in the press release of March 26, 2014, on our website
  • Lower discount rates in all key countries

Offset by:

  • Top-up payments of €299 million into certain UK defined benefit pension plans
  • Asset returns above credits taken to the statement of income
  • Lower inflation in the UK