Jardine Lloyd Thompson (JLT) has seen a significant increase in the deficits of its defined benefit (DB) pension schemes over the past year.
At the end of June, the overall deficit was £201.5m, 27.5% higher than in June 2015, according to its interim report published on 26 July.
The deficit of the UK scheme, which is the biggest of all DB funds sponsored by JLT, increased 23% in the 12-month period, rising from £147.3m to £181.4m. The scheme's liabilities rose to £646.3m while the value of assets fell slightly to £464.9m.
A spokesperson for JLT said the deficit increase was due to low interest rates.
They said: "This is primarily liability measurement driven and reflects the continued global low interest rate environment. The accounting liabilities increased mainly due to a significant fall in the corporate bond discount rate used by companies to measure liabilities.
"This was partially offset by a decrease in inflation rates and positive performance on scheme assets."
The company, which runs an employee benefits business, said it was managing the risks of its UK scheme by hedging approximately a third of liabilities through buy-ins and other liability management initiatives.
Meanwhile, its overseas DB deficits had increased by 87% from £10.6m to £20.1m.
The spokesperson stressed its overseas schemes were "not material" as they represent just 10% of its total liabilities, and again blamed low interest rates.
They added: "The weakening of the Sterling exchange during the period, particularly following the EU referendum result, affected the conversion of the foreign currency valued deficit for GBP reporting purposes."
Earlier this month, the Pension Protection Fund's 7800 index reported total DB deficits had risen by £89bn to £383.6bn in June, while the aggregate funding ratio fell by 3.5% to 78%.
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