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.
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers