diff --git a/pep-0432.txt b/pep-0432.txt
index 45451b2d4..64095ecd9 100644
--- a/pep-0432.txt
+++ b/pep-0432.txt
@@ -3,11 +3,11 @@ Title: Simplifying the CPython startup sequence
 Version: $Revision$
 Last-Modified: $Date$
 Author: Nick Coghlan <ncoghlan@gmail.com>
-Status: Draft
+Status: Deferred
 Type: Standards Track
 Content-Type: text/x-rst
 Created: 28-Dec-2012
-Python-Version: 3.4
+Python-Version: 3.5
 Post-History: 28-Dec-2012, 2-Jan-2013
 
 
@@ -25,6 +25,31 @@ resolution for most of these should become clearer as the reference
 implementation is developed.
 
 
+PEP Deferral
+============
+
+Python 3.4 is nearing its first alpha, and already includes a couple of
+significant low level changes in PEP 445 (memory allocator customisation)
+and PEP 442 (safe object finalization). As a result of the latter PEP,
+the shutdown procedure of CPython has also been changed to be more heavily
+reliant on the cyclic garbage collector, significantly reducing the
+number of modules that will experience the "module globals set to None"
+behaviour that is used to deliberate break cycles and attempt to releases
+more external resources cleanly.
+
+Furthermore, I am heavily involved in the current round of updates to the
+Python packaging ecosystem (as both the lead author of PEP 426 and
+BDFL-delegate for several other PEPs), leaving little to spare to work on
+this proposal. The other developers I would trust to lead this effort are
+also working on other things.
+
+So, due to those practical resource constraints, the proximity of Python
+3.4 deadlines, and recognition that making too many significant changes to
+the low level CPython infrastructure in one release is likely to be unwise,
+further work on this PEP has been deferred to the Python 3.5 development
+cycle.
+
+
 Proposal
 ========