£226bn blow for firms' pensions

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Aon Consulting called the outlook for the UK's 8000 final-salary schemes the bleakest ever and warned that of the 200 biggest schemes, some 64%, or nearly 130, are in deficit.

In theory, the trustees of each scheme could demand that the companies make up the shortfall. Aon consultant Marcus Hurd estimated this might be as high as £45 billion. He said: "Just as employees thought the economic news couldn't get any worse, they are likely to be hit by more big bills to pay for their pension schemes when they can least afford it."

However, he pointed out that this might not be the best approach and reduced contributions might be considered instead. Falling valuations and rising deficits are only likely to speed up the number of final-salary schemes being closed to new members.