Big schemes lose £45bn since end of August

However, the consultant said long-term financial planning will remedy the problem.

Head of corporate solutions Marcus Hurd said: "The events of the last few weeks have had a devastating effect on financial markets. Final salary pension schemes have taken their share of the pain with asset falls of over £45bn.

"Unlike many other institutions, however, many final salary pension schemes have time on their side. With the exception of those sponsoring companies facing insolvency, the companies concerned will be able to form long-term financial plans to remedy the problem."

Hurd said in light of the new financial environment many companies may wish to review their approach to scheme financing and risk mitigation.

"In particular, contingency plans should be high on the agenda so that companies can move quickly to deal with any new developments in the financial crisis," he added.

Lane Clark & Peacock partner Bob Scott said trustees should be aware of the effect economic turmoil has had on sponsoring companies.

He told PP: "Even if the company has not become insolvent these events could have affected the employer’s covenant, and the trustees need to be aware of that."

He added it was necessary for the trustees to focus on the short-term as well as the long-term future of the scheme.

He said: "They need to look at who they are exposed to, are any of those who are in trouble managing their money? You need to focus on this to stop the fund from taking a serious hit."