British firms burdened with £73 billion pension deficit

The biggest companies in the UK are suffering from a collective pension deficit of £73 billion according to research by consultancy firm Pension Capital Strategies (PCS). BT, British Airways and Invensys - famous companies which chart in the FTSE 100 - are contending with pension liabilities that are more than double their market value, saddling them with a huge burden of debt. The PCS said: "there has been a noticeable growth in the number of FTSE 100 companies where the pension scheme now represents a material risk to the business. Ten FTSE 100 companies have total disclosed pension liabilities greater than their equity market value".