The combined shortfall on March 31 for Britain’s largest 350 companies rose from £33 billion to £61 billion on Dec. 31 reports Mercer Consulting.
Britain’s pension regulator is pressuring companies to close the gap, but finding the money is difficult because companies have less profit.
“Trustees are walking a tight-rope of trying to obtain additional funds to increase security for scheme members, while at the same time not putting too much pressure on the company and damaging its financial strength and future prospects,” Matt Collinson, head of Mercer’s integrated retirement financial management group.
The 350 pension plans had a combined surplus of £14 billion in March 2008, Mercer said. The average shortfall on March 31 was £225 million.