Deficits

Combined UK defined benefit deficits improved by £5bn to total £265bn at the end of January, latest figures from the Pension Protection Fund show.

Falling discount rates have pushed Diageo's pension deficit up by almost a quarter to more than £1bn.

This could be a dire year for schemes as last year's losses are compounded in the first quarter and crystallised for the 40% of schemes with triennial valuations in March, warns Pension Corporation.

FTSE350 pension scheme deficits remained "stubbornly high" during January, hovering just above a combined shortfall of £80bn, data from Mercer shows.

IT firm RM has begun a consultation to close its defined benefit scheme to existing members in a bid to limit its exposure to the schemes growing liabilities.

Pension deficits increased more than 50% last year, but widening spreads between corporate bonds and gilts have masked an even greater deterioration in funding positions, argues Hymans Robertson.

Defined benefit scheme deficits stood at £402bn at the end of last year, based on company accounting rules, Xafinity analysis shows.

Defined benefit scheme funding levels have plunged by one-fifth over the past year dragging a further 83 previously fully funded schemes into deficit, data shows.

HMV has reported a scheme deficit of £20.8m amid "significant doubt" over the firm's ability to continue as a going concern.

TUI Travel's pension deficit has climbed above £500m as poor asset performance and changes to actuarial assumptions wiped out savings made by capping benefit accrual.