Deficit

1. 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%.)

2. More generally, any financial shortfall.

See also

• Amortisation
• Fiscal deficit
• FRS 17
• Funding level
• Multicurrency cross-border pooling
• Multicurrency one-country pooling
• Surplus