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Deformations of non semisimple Poisson pencils of hydrodynamic type

We study deformations of two-component non semisimple Poisson pencils of hydrodynamic type associated with Balinski\vı-Novikov algebras. We show that in most cases the second order deformations are parametrized by two functions of a single variable. It turns out that one function is invariant with respect to the subgroup of Miura transformations preserving the dispersionless limit and another function is related to a one-parameter family of truncated structures. In two expectional cases the second order deformations are parametrized by four functions. Among them two are invariants and two are related to a two-parameter family of truncated structures. We also study the lift of deformations of n-component semisimple structures. This example suggests that deformations of non semisimple pencils corresponding to the lifted invariant parameters are unobstructed.