The net balance sheet position (IAS19) of the pension plans at year-end 2015 was a deficit of €0.6 billion (year-end 2014: €0.8 billion). This was the result of the net effect of:

  • Lower asset returns
  • De-risking of pension liabilities through non-cash buy-in transactions of £1.7 billion (€2.4 billion) in 2015, which led to an impact of €384 million in Other comprehensive income

Offset by:

  • Top-up payments of €350 million, predominantly into certain UK pension plans
  • Higher discount rates in the key countries
  • Experience gains in plan liabilities following triennial valuation remeasurements

The triennial review of the ICI Pension Fund was completed in July 2015, a new valuation and payment schedule was agreed with the Trustees.