The funded status of the pension plans at Q1 2012 was estimated to be a deficit of €0.3 billion (year-end 2011: €0.5 billion). The movement in the quarter is primarily due to:
- Top-up payments of €322 million into certain UK and US defined benefit pension plans
- An additional one-time payment of €239 million into the UK ICI Pension Fund
Off set by:
- Lower discount rates increasing the pension obligation
- Higher inflation in the UK increasing the pension obligation
- Asset returns lower than expectation.