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Shell says faces $8.3 bln pension hole

Reuters

Wed Mar 18, 2009 3:29am EDT

LONDON, March 18 (Reuters) – Oil major Royal Dutch Shell Plc (RDSa.L) said it had a $8.3 billion hole in its pension fund at the end of 2008 and will need to increase contributions.

“In 2008, the value of the assets in our pension plans decreased and at year end the present value of pension obligations exceeded plan assets by $8.3 billion,” the company said in a regulatory filing.

The company expects to put $5-6 billion into the funds, on top of normal annual contributions of $1-2 billion, and the timing will be decided after discussions with regulators in the different countries where the funds reside.

In December, Shell’s Dutch pension fund told members it had fallen into deficit after share market turmoil knocked 40 percent off its value.

(Reporting by Tom Bergin)

 

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