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.

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.

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