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After numerous acquisitions, Tyco International found itself with 20 distinct defined benefit pension plans at its U.K. businesses in 2003. The decentralized administration was cumbersome and lacked economies of scale, making it disproportionately expensive. Moreover, says David Charlot, director of capital planning and asset management, “the risk and effort were compounded as U.K. pension regulations were rapidly changing in reaction to significant funding deficits in many of the largest plans in the country.”

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