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.
Industry experts are calling on the government to act quickly on new pensions dashboard legislation. The DWP is looking at how to do it amid Brexit constraints, writes Kim Kaveh.
An interactive and hands-free technology that allows savers to track how much they have invested into their retirement pots has been launched by Smart Pension.
The Lighthouse Pensions Trust has recorded an 84% surge in the number of employers signed up to its auto-enrolment (AE) provision.
Melrose Industries's UK defined benefit (DB) schemes had a £5.5m combined deficit at the end of 2016, its annual results have revealed.