UK - The UK's biggest firms have pumped £13bn into their defined benefit pension schemes in the last 12 months, research shows.
Analysis of FTSE350 companies, conducted by Pension Capital Strategies, revealed total deficits had fallen to £90bn in the year to 30 June this year - a £12bn funding improvement.
Key to this trend was the increasing willingness of employers to tackle their DB shortfall, with scheme funding increasing from £5.2bn in 2009 to £13bn this year.
However, overall DB provision has continued to plummet, with provision in the FTSE350 falling from £9.4bn in 2007 to £6.7bn this year.
PCS managing director Charles Cowling (pictured) said: "Pension liabilities continue to dominate decisions at board level. Unsurprisingly, given the challenges in the global economy, an increasing number of companies are taken steps to close down their final salary pension schemes.
"The considerable drop in provision for DB benefits is further evidence of our continuing belief that, for the private sector, the golden age of final salary schemes is over."
Seven FTSE350 firms - Royal Dutch Shell, Unilever, Lloyds Banking Group, National Grid, BAE Systems, British Airways and GlaxoSmithKline - have each paid more than £1bn into their schemes in the past three years.
Some 31 companies have disclosed pension liabilities greater than the total equity value of the company, with eight valuing liabilities at more than twice the company equity value.
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