If you're in your 50's then, IMHO, your should be watching this very carefully. as Amt said, the deficit is due in main to the low interest rates and the effect they have on forward values. If interest rates rise to 3/4% (unlikely I know) then the deficit would magically disappear. A bigger question caused by the low interest rates is what to do with the pension. Transfer values are the highest ever (due to low interest rates); will BA/IAG be around when you retire to pay your pension (for life), will they devalue, pension scheme collapse etc etc. Best advice historically has been to always keep your defined benefit plan, now there is definitely a case to at least re-examine.