Deficits

GREECE - Greek Prime Minister George Papandreou passed an overhaul of the pension system in a vote that tested the unity of his socialist government and prompted the second national strike in as many weeks.

The combined deficit of the top 100 UK firms' defined benefit schemes has improved by £17bn over the last year, Pension Capital Strategies says.

One of British Airways' two pension schemes has insured £1.3bn of pensioner liabilities in a buy-in deal with Rothesay Life.

Pension scheme deficits could increase by £40bn over the next year as a result of government cut backs, Aon Consulting says.

Drinks manufacturer Diageo has announced a 10-year funding plan to plug its £862m pension deficit.

BBC unions have threatened strike action over the proposed changes to the pension scheme after talks broke down yesterday.

BT has reduced its pension scheme deficit by £1.4bn after it increased assets by £2.7bn last year.

The BBC is set to close its final salary scheme to new members after its deficit surged to £2bn.

Taylor Wimpey has announced it will close its defined benefit scheme to future accrual at the end of August.

Electronics retail group DSG International suffered a £114.7m slump in its funding position last year, final results show.