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
- 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