US - Royal Dutch Shell faces a US$8.3bn pension fund deficit as a result of market volatility and falls in asset values, and will make "significant" cash contributions to its schemes as a result.
The filing continued: "In 2008, the value of the assets in our pension plans decreased and at year end the present value of pension obligations exceeded plan assets by $8.3 billion."
Shell said "sharply lower government bond yields and equity values" combined with market illiquidity and the wider effects of the global recession impacted the value of the firm's pension fund.
It added it expected to make "significant cash contributions" in the range of $5-6bn to its pension schemes, in addition to the regular $1-2bn contributions it had made over the past few years.
The exact details of these additional contributions, including the level and timing of payments, would be dependent on local and regional agreements with regulators and the trustees of the schemes.
This week's edition of Professional Pensions is out now.
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