The collective deficit of the almost 7,800 funds rose from £191bn a month earlier, and was up from a £67bn deficit recorded a year ago. Only 9% of schemes still have a surplus with 91% now suffering a shortfall.
"Over the past year, the falling equity markets and bond yields have led to an overall worsening of the funding position," said the Pension Protection Fund.
The finances of pension schemes have become steadily worse since the middle of last year and would be even worse if the size of the deficit was being estimated now.
Companies have the choice of paying much higher contributions, remaining in deficit for much longer, or a combination of the two. Last month, the Pensions Regulator warned companies not to keep on paying dividends to their shareholders if they thought they were having trouble affording the required level of pension contributions.
The PPF exists to provide a safety net for scheme members if their employer goes bust and leave the company pension scheme underfunded. That problem has become sharply worse as the recession has gripped the UK economy. The number of large schemes that have been left stranded by their employer's insolvency, such as Woolworths, is going to place considerable extra strain on the PPF's own fund. This is financed by a levy on solvent schemes, and by absorbing the assets of those funds that are rescued.
The PPF has fully taken on 71 schemes so far, covering more than 21,000 current and future pensioners, but there are many more in the pipeline. A further 295 schemes are currently being assessed by the PPF to see if they are sufficiently insolvent to be bailed out.