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Pensions


The funded status of the pension plans at the end of Q1 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 1 January 2013) by €183 million.
  • Top-up payments of €287 million into certain UK, US and Canadian defined benefit pension plans.
  • Asset returns exceeding expected credits taken to the statement of income, increasing the pension plan assets and decreasing the deficit.

Offset by:

  • Higher inflation in the UK, increasing the pension obligation and deficit.
Copyright © 2013 Akzo Nobel N.V.