ITV’s defined benefit pension deficit rose to £551m on 31 December 2012, £161m higher than at the end of the previous year, according to the broadcaster’s latest annual results.

ITV stated that the main reason for the increase was the continued fall in corporate bond yields, which are used to discount the liabilities. This added £240m to the scheme's liabilities, but this was offset by a reduction in the rate of market implied inflation.

Deficit funding contributions also increased from £48m in 2011 to £72m in 2012, while the group expects this to rise to £79m in 2013. It estimates the average duration of its UK scheme liabilities to be 15 years.

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