UK - BAE Systems has announced in its interim results statement that its pension deficit has decreased from £4.1bn to £3.1bn in the six months from 31 December 2005 to 30 June 2006.
The British defence company, based near Preston, Lancashire, achieved £0.6bn of the reduction through the implementation of measures agreed with the fund's trustees before June.
These measures comprised increased annual company and employee contributions, one-off company contributions of cash and assets and a revision of retirement benefits, leading to a reduction in the fund's liabilities.
The company, which also announced a 21% increase in sales for the six months to 30 June, hopes that these steps "will eliminate the current actuarial funding deficit".
The remaining £0.4bn of the reduction came from an increase in discount rates.
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