Two innovative new deals struck between companies and their pension scheme trustees with the help of the Pensions Regulator have shed light on the approach to pensions deficits in the context of M&A activity. The deal struck between Marconi and its pension scheme trustees has enabled Marconi to sell the bulk of its assets to Ericsson free of pensions liabilities for £1.2 billion. The arrangement includes an immediate cash injection to the Marconi scheme to cover the current Financial Reporting Standard 17 (FRS 17) pension deficit and security over an additional amount to secure funding on a more conservative basis. The deal struck between Candover, Swissport and the independent trustee of Swissport's Heathrow pension scheme has enabled Candover to sell Swissport to Ferrovial without the shadow of an ongoing deficit in the scheme. The arrangement includes an immediate cash injection to the scheme with members being given the choice as to whether to transfer their benefits to another employer final salary scheme, a private pension plan or the Pension Protection Fund.