FTSE350

Defined benefit pension liabilities of FTSE 350 firms hit record highs in October as falling bond yields pushed them past £700bn for the first time.

The total deficit of defined benefit (DB) FTSE 350 pension schemes surged 52% over a two-week period this month, according to Hymans Robertson.

There has been a steady decline in the proportion of FTSE 100 companies offering defined contribution (DC) trust-based schemes, according to Towers Watson.

Pension deficits at the country's biggest firms rose in August as schemes continue to suffer the effects of historic low interest rates, research finds.

Some 30% of defined benefit (DB) pension schemes are significantly in surplus, according to Aon Hewitt.

The funding level of FTSE350 pension schemes tumbled to a four-year low of 83% after deficits grew by £4bn last month.

FTSE350 companies saw their pension deficits rise £39bn in the past 12 months, according to Mercer.

Average IAS19 discount rates used by FTSE100 companies to calculate pensions deficits have risen for the first time in five years.

Deficits in FTSE350 pension schemes are at the lowest levels compared to the financial strength of their sponsors since before the last recession, according to PwC.

FTSE350 companies' defined benefit (DB) scheme deficits increased by £6bn over October to hit £102bn on an IAS19 basis, despite rising asset values, Mercer says.