Royal Philips Electronics, Eindhoven, Netherlands, will contribute €931 million ($1.1 billion) to its worldwide defined benefit plans and another €76 million to its defined contribution plans this year, according to its 2005 annual report released today. Philips has €20.8 billion in global pension assets. The contribution will cover a £400 million deficit in the firm's U.K. plan, the £1.9 billion ($3.3 billion) Philips Pension Fund, Redhill, England, and bring it up to fully funded status. It has not been decided how the money will be invested, pensions manager Adrian Holmes said. The company also plans to contribute the €208 million to its largest pension plan, Eindhoven-based Stichting Pensioenfonds Philips.