Royal Geographical Society auctions treasures to plug pension hole The trustees said other options to plug the fund such as a special levy on members or the sale of historic buildings were "entirely inappropriate and unrealistic solutions." The sale of any material from historic expeditions to Africa, Asia, South America and the polar regions were also ruled out. The Trustees said: "The Society is legally bound through a recovery plan with the pension scheme trustees and The Pensions Regulator to make payments totalling £2.46m to eliminate the current statutory funding deficit in the scheme. This has been a difficult decision to take to deal with a significant legal and financial issue, the scale of which risks the Society's viability. The Society closed its final salary pension scheme to new members in 2003 but estimates the funding deficit to be at least £2 million. Given the economic environment and possibility of the deficit increasing further, the Trustees said they were looking to raise at least £3.5 million from "any disposal." While refusing to name the likely buyer, the Society said it was to a major collection in Australia. They added it was a "one off" sale to meet "exceptional circumstances." Thomas Baines turned to painting after initially starting out as an apprentice to an ornamental carriage builder. He left in Australia in March 1855 to join the North Australian Expedition as official artist and storekeeper. The expedition crossed northern Australia from the Victoria River to Brisbane. He was elected a fellow of the Royal Geographical Society on his return in 1857. A year he joined missionary Dr David Livingstone's Zambezi expedition. The pension liabilities of Britain's top 100 companies are estimated to be at least £50 billion. Critics of the Bank of England claim its Quantitative Easing programme designed to kick -start the economy has made the situation worse by sharp rise in annuity costs.