On 31st March 2004 , the result of an annual actuarial valuation of the pension scheme indicted that there was an £879m deficit. This compares with a deficit of some £615m in March 2003.
The company and pension trustees stated that the ongoing deficits were as a result of poor stock market performance.. In an effort to offset the growing deficit, pension contributions are to be raised to 22.1% of salary whilst the company in turn have given an undertaking to pay £520m towards the deficit in 2007 !.
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