Deficits

Ireland - Three quarters of Ireland's defined-benefit pension plans were in deficit at the end of 2009, the Pensions Board has said.

UK - British Airways has reached an agreement with the trustees of the New Airways Pension Scheme and Airways Pension Scheme on a recovery plan to address its £3.7bn (US$5.4bn) funding deficit.

British Airways has reached agreement with the trustees of the New Airways Pension Scheme and Airways Pension Scheme on a recovery plan to address its £3.7bn funding deficit.

Pressure for reform of public sector pensions has increased after an independent report concluded workers receive better pay, hours and pensions than their private sector counterparts.

Corporate pension schemes could face a deficit of £362bn at the end of the year, Xafinity Corporate Solutions predicts.

The coalition government should shift the burden of public sector pension contributions from the state to employees in the June 22 emergency budget, an independent policy think-tank says.

Nationalised bank Northern Rock has confirmed it will close its final salary scheme to future accruals as part of a cost-cutting exercise.

UK - Nationalised bank Northern Rock has confirmed it will close its final salary scheme to future accruals as part of a cost-cutting exercise.

Higher education employees have emphatically rejected employer reforms to address the Universities Superannuation Scheme's £17bn deficit following an online ballot.

Property management and development group Places for People plans to close its final salary scheme to future accrual in the face of crippling pension costs.