The funded status of the pension plans at the end of Q3 2011 was estimated to be a deficit of €0.7 billion (year-end 2010: €1.0 billion; Q2 2011: €0.4 billion). The movement compared to year-end 2010 is due to:
- Top-up payments of €346 million into certain defined benefit pension plans
- Lower discount rates increasing the pension obligation
- Lower inflation in UK decreasing the pension obligation
- Higher asset returns.