Exploring French companies with UK schemes

This survey relates to French companies, almost all of which are constituents of the CAC40 index, which have UK subsidiary companies with defined benefit (DB) pension schemes.

The survey covers 27 French companies with around £45.7bn of UK pension liabilities between them.

Our report analyses the contributions paid, levels of deficit and levels of risk within the schemes. Data has been taken from the latest available financial statements of the UK subsidiary companies, which are as at 31 December 2016 in most cases. Although the companies are not named directly within this survey, they are represented by the same number in each chart throughout.

Key findings


combined deficit between 27 French companies investigated


of the organisations’ global DB liabilities are in the UK


of UK pension liabilities between 27 companies investigated

"The parent companies in our survey, leading players in their respective industries, continue to be impacted by rising pension costs in their UK subsidiaries. In light of the increase in the UK subsidiaries combined deficit, I would encourage the parent companies to take a closer look at how to manage their pension costs, both at a global level and a country level, as efficiently as possible and to proactively seek to address any imbalance that has built up."
Andrew Vaughan Partner, Corporate Consulting

French Companies Survey

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