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.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.