UK - Herefordshire-based cider maker Bulmer has a net FRS17 deficit of £20.4m on its £73m pension scheme, its full year accounts show.
But analysts fear the position may be far worse following subsequent market falls.
The full year accounts represent the position as at April 26.
Since then, markets have fallen 20% and with the scheme having 74% of its assets in equities, analysts calculate it will have suffered a further £10.9m drop in value.
At the last actuarial valuation in April 1999, assets were only 92% of liabilities. Results of a further actuarial valuation are being completed and are expected to require the company to pay higher contributions into the scheme.
The company has already increased cash contributions to its defined benefit scheme to £2.3m this year, at a time when its pre-tax profits were only £5.8m.
The HP Bulmer Holdings Group Pension & Life Assurance Scheme has 600 active, 700 deferred and 550 pensioner members. It is advised by Watson Wyatt.
Standard Life has increased exposure to risk assets in three out of five funds in its Active Plus and Passive Plus workplace pension ranges.
Some 48% of employers are unaware of the services or help they offer to members of their defined contribution (DC) schemes, according to Aon.
Jupiter Asset Management's Abbie Llewellyn-Waters, manager of the Jupiter Global Sustainable Equity strategy, explains why firms need to integrate ESG into their business model