Deficits

UK defined benefit liabilities have stabilised for the fourth month in a row, according to a Xafinity Corporate Solutions model.

The Competition Commission has ruled against BT's attempt to pay down its scheme deficit by increasing the charge it levies on competitors to use its broadband line.

The Financial Services Authority has reduced the deficit in its defined benefit pension scheme by £7.4m in the past year.

WS Atkins has cut its pension deficit by a quarter by removing the link between accrued benefits and future increases in pensionable salary.

UK defined benefit schemes have hit a funding low after combined deficits increased nearly £100bn last month to hit £312bn, statistics show.

House of Fraser has closed its defined benefit pension schemes to future accrual after the shortfall in the two funds shot up by more than £50m last year.

Schemes heavily invested in equities faced a torrid May as Eurozone uncertainty created havoc in the stock markets, KPMG says.

Severn Trent has established a new defined contribution scheme which will replace the current DC and defined benefit plans by 2015.

Dairy Crest has reduced its pension scheme's liabilities by £14.6m through an enhanced transfer value exercise.

The collective pension deficit of Britain's biggest companies has increased by £30bn since the beginning of May, according to Towers Watson.