Deficit
From ACT Wiki
- Pensions accounting. The excess of liabilities over assets in a funded Defined benefit pension scheme; also known as under-funding. For example, if the liabilities were 100 and the assets were 90, the deficit would be 100 - 90 = 10. (Not to be confused with the percentage funding level which in this example would be 90/100 = 90%.)
- More generally, any financial shortfall.