UK - Ten FTSE100 companies have total disclosed pension liabilities greater than their equity market value, Pension Capital Strategies research shows.
And for three firms - British Airways, BT and Invensys - the scheme liabilities are more than double their equity market value.
PCS estimated the total deficit of FTSE100 pension schemes was £73bn ($116bn) at 30 June, which it said would be about £170bn if liabilities were measured on a risk-free basis rather than using a AA bond discount rate.
PCS managing director Charles Cowling said: "Despite the significant increase in deficit funding to £11.8bn, we estimate the pension deficits for FTSE100 stand at £73bn as at 30 June.
In the last 12 months, the total disclosed pension liabilities of the FTSE100 companies increased from £378bn to £434bn. Some 14 companies disclosed liabilities in excess of £10bn, the largest of which is BT with disclosed pension liabilities of £43bn.
Meanwhile, 27 companies disclosed pension liabilities of less than £100m, of which 15 companies have no defined benefit pension liabilities
This comes despite a "very significant" increase in deficit funding. Last year saw total deficit funding of £11.8bn, up from £4bn the previous year - an increase of almost 200%.
Royal Dutch Shell contributed more than £2.7bn to its scheme deficit, but 57 other FTSE100 companies also reported significant deficit funding contributions in their most recent annual report and accounts.
Cowling added: "More than ever before, pension liabilities are impacting corporate decision making at boardroom level, forcing tough decisions to be made to reduce deficits; Royal Dutch Shell and Lloyds Banking Group together made surplus contributions in excess of £4bn in 2009."
Elsewhere, PCS observed pension schemes' flight out of equities into bonds had halted. The average pension scheme asset allocation to bonds was 49%, the same as last year. This comes after a very significant shift, from 41%, the previous year, and 35% just three years ago.
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