Top 10's pension deficit climbs €1.3bn

Ireland's 10 biggest plcs had a combined pension deficit of €3.3bn at the end of 2004, figures have revealed today.

The figures, announced by Mercer HR Consulting, were compiled from information from last year’s published financial statements.

The combined pension scheme deficit has increased dramatically from an estimated €1.9bn at the end of 2003.

The estimated total deficit of €3.3bn represents more than 5% of the market capitalisation of the top 10 Irish companies.

Joyce Brennan of Mercer commented: "This shows that managing the various risks associated with defined benefit pension schemes is an increasingly important aspect of business risk management for companies."