Pension deficit of £96bn for FTSE 100 companies

Firms listed in the FTSE 100 stock index had a combined pension deficit of £96bn last month, which is the largest on record, according to a report by consultancy Lane Clark & Peacock (LCP), the BBC has reported.

The deficit is more than double the £41bn estimated a year ago by LCP.

Some of the UK’s leading companies, including large employers like BT, have seen their pension schemes plummet in value over the past year.

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LCP’s Accounting for Pensions report said Wall Street giant Lehman Brothers’ collapse back in September last year had hit pension scheme assets particularly hard.

Only three of the top 100 companies – Cadbury, Diageo and Tesco – still offered final salary pension schemes to new members, though more closures of final salary schemes were expected, claimed the report.