ITV’s defined benefit pension deficit decreases

ITV’s total defined benefit (DB) pension scheme deficit decreased by nearly £100 million in 2014. 

ITV-Studios-Salford-2015

The media organisation’s scheme had an aggregate IAS 19 deficit of £346 million to the year ending 31 December 2014, compared to £445 million in 2013.

The fall in its deficit reflected pension funding contributions in March and April of £91 million.

ITV announced the details in its 2014 Results. The report also stated that, in 2015, pension contributions will not exceed the contributions made in 2014.

It also stated that an increase in the pension liabilities, as a result of a fall in the discount rate used to measure liabilities, was offset by asset outperformance, primarily gilts and swaps.

ITV closed its DB scheme to new members in 2006. Since then, it has offered a defined contribution (DC) pension scheme to all new employees.

For 2014, total contributions expensed were £14 million, compared to £8 million in 2014.

Adam Crozier, chief executive of ITV, said: “ITV delivered another strong performance in 2014 as we continue to rebalance the business, drive new revenue streams and invest in our future growth.”