The combined defined benefit FTSE 350 deficit increased by £60bn in the 12 months to 31 January 2017, according to JLT Employee Benefits.

As at 31 January 2017 the FTSE 350 deficit stood at £108bn, with assets of £726bn and liabilities of £834bn. In comparison, the deficit at 31 January 2016 stood at £48bn, with assets of £634bn and liabilities of £682bn.

The total deficit for all UK private sector companies was £263bn at 31 January 2017 and £140bn at 31 January 2016. As at 31 January 2017, JLT estimates the total DB pension scheme funding position as follows:

Commenting, JLT Employee Benefits director Charles Cowling said: “Markets are showing resilience amidst global political turmoil. As a result pension deficits have fallen back, although they are still at challenging levels for many companies. Yet, the prospect of further political turmoil in 2017 de-stabilising markets is still tangible.

“It is apparent that an increasing number of companies and trustees have been taking steps to de-risk pension investment strategies, which has proved beneficial. In this climate of market uncertainty, they should stay on top of asset and liability management.”

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