The funded status of the pension plans at year-end 2014 was a deficit of €0.8 billion (year-end 2013: €0.6 billion).
The movement compared with year-end 2013 is primarily due to:
- De-risking €4.7 billion of pension liabilities in the ICI Pension Fund in the UK, with two non-cash buy-in transactions giving rise to a combined adverse impact of €841 million in other comprehensive income. More details of the larger transaction are provided in the press release of March 26, 2014, on our website
- Lower discount rates in all key countries
- Top-up payments of €300 million into certain UK defined benefit pension plans
- Asset returns above credits taken to the statement of income
- Lower inflation in the UK