Deficits

Combined scheme deficits of FTSE100 global firms have swelled by 70% in 12 months to €290bn (£248bn) despite record levels of contributions, analysis finds.

Phoenix IT Group has clashed in court with trustees of its closed defined benefit pension scheme over the date from which to equalise retirement ages for men and women.

Dixons Retail has made the initial contributions of a ten-year recovery plan to address its £219m pension shortfall.

The Daily Mail & General Trust has agreed a 12-year deficit recovery plan to tackle its £336m pension deficit.

Diploma is exploring ways to de-risk its defined benefit scheme through structured insurance products after completing a merger of four schemes into one.

Kesa Electricals will retain responsibility for the Comet Defined Benefit Pension Scheme after completing the sale of scheme's sponsor.

Defined benefit schemes saw their deficits drop last month after the stock market rallied in October, according to the Pension Protection Fund 7800 Index.

The ongoing turmoil in the markets has triggered a dramatic trebling of FTSE100 companies' pension deficits in the last week, according to Towers Watson research.

FRANCE - Alcatel-Lucent reported a pension and other post employment benefit (OPEB) deficit of €1.2bn ($1.7bn) in the third quarter down from an overfunding of €49m at the end of June.

UK - British defence firm BAE Systems' pension scheme deficit is creating "negative sentiment" among investors, lowering the target price for stock in the firm, banking analysts say.