Many other large companies continue to cope with pension deficits.

The pension deficit will reach €50bn a year by 2020 without radical changes.

This is an important step forward in the process of addressing the pension deficits which the trade unions will be recommending to their members.

The pension deficit puts all the more pressure on the automotive operations.

United is not facing a cash shortage yet, however, despite its pension deficit.

There, the airline reported a total pension deficit of just $6.3 billion.

Among the issues still to be resolved is the financing of a large pension deficit.

For companies with severe pension deficits and weak finances over all, the change could cover up the weakness longer.

Interest costs are expected to be about £3.5m higher than last year and a pension deficit of about £5m is likely.

Should Northwest get the approval, its approach could serve as a model for other companies coping with pension deficits of their own.