The net pension deficit for ITV’s defined benefit (DB) pension schemes increased by £49m to £87m the 12 months ending 31 December 2019.

The broadcaster said this increase was principally due to a decrease in bond yields, offset by a reduction in the market implied inflation, deficit funding contributions, and an increase in asset values following a strong performance in the equity markets.

ITV's deficit funding contributions were £74m across the full year and are expected to total around £75m in 2020.

Total DB liabilities stood at £4.04bn at the end of the year, up from £3.72bn at the close of 2018, while assets climbed from £3.63bn to £3.89bn over the same time period.

In addition to the DB schemes' net assets, the firm held pension assets amounting to £58m of gilts.

The schemes are a combination of the ITV Pension Scheme, the unfunded scheme and the UTV Scheme.

The most recent actuarial valuation of the ITV DB scheme’s combined deficits as at 1 January 2017 amounted to £470m, with the next actuarial valuation to be as at 1 January 2020.

Following consultation, ITV opted to close the DB sections of the UTV Pension Scheme to future benefit accrual with effect from 31 March 2019.

The closure was branded a “sham” by officials at media and entertainment union, Bectu.

This means members' benefits are no longer linked to pensionable salary but are now linked to statutory revaluation until retirement, which resulted in a one-off, non-cash curtailment credit of £1m that was recognised within exceptional costs.

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