Greggs' defined benefit (DB) pension deficit soared by £12.3m over twelve months, its interim report has revealed.
The high street bakery chain's scheme had a deficit of £17.6m on 2 July on an IAS 19 basis, compared to £5.3m on 4 July 2015, according to the figures published on 2 August.
The scheme, which closed to future accruals in 2008, had reduced its deficit to £3.9m by 2 January, but it rose again by 351% over the next six months.
The company's latest triennial valuation, carried out in April 2014, reported a surplus.
A spokesperson said the company was not concerned about the long-term health of the scheme and attributed the increased deficit to historically low bond yields.
They said: "The latest accounting position reflects the current level of bond yields. There are no concerns about the long-term funding of the pension scheme and we continue to work with the trustees over the longer term to ensure that the scheme's obligations are met."
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