The net deficit of GlaxoSmithKline PLC's U.K. pension funds decreased by 53% to £613 million ($999.6 million) for the year ended Dec. 31, according to Brentford, England-based GSK's fourth-quarter earnings results.
The net decrease was attributed to an increase in U.K. investment values, as well as an increase in the rate used by GlaxoSmithKline to discount U.K. pension liabilities. The U.K. discount rate used by GSK increased to 4.5% from 4.4%, according to a news release accompanying the results.
GSK also made “special contributions of £93 million” to its U.K. pension funds in 2013, according to the news release.
GlaxoSmithKline's U.K. pension funds have £10 billion of assets; a funded status could not be learned.
A GSK spokesman for was not available to comment by press time.
