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  Instant full funding of the pension deficit would be a poison pill for any commercial deal. In practice the pensions regulator will be happy with a viable plan to work it off over time. Most final salary schemes have a deficit nowadays because 1. people are living longer so actuarial assumptions have changed adversely; 2. both gilt yields and equity returns have fallen and 3. Mr Brown's tax raids on pension fund assets have also reduced expected returns.

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