Byron,Actually I am wondering if you missed this bit from the...

Byron,

Actually I am wondering if you missed this bit from the article:

"...The pension schemes have £1.90 billion ($3.78 billion) of defined benefit obligations and £1.87 billion of scheme assets that are not on GPG's balance sheet. These figures are massive, particularly as GPG's total sharemarket value is only £779 million at the latest 42.75p share price.

The problem is that the trustees of these pension schemes have the ability to restrict GPG's capital returns to shareholders. This is more likely to occur if investment markets perform poorly or life expectancy increases. For example a one-year movement in life expectancy increases or decreases pension scheme liabilities by £51 million. ..."