The deficit for the 200 largest UK pension schemes has tipped the balance at £103bn, a record figure, according to the Aon200 Index.

The aggregate pensions accounting deficit has topped the £100bn mark for the first time, and is an "unwelcome Christmas present for all of those with an interest in UK final salary pensions", according to Marcus Hurd, head of corporate solutions at Aon Consulting.

"Despite rising equity markets, the costs of providing those final salary pensions already promised has risen incommensurately. The aggregate deficit continues to rise and the pensions black hole is depending.

"Companies and pension scheme trustees can no longer put off managing their risks. Rising inflation is causing the pain in recent weeks and a large part of this pain could have been avoided. Risk management is always a trade-off between risk and reward, but in recent years it has been all pain and no gain."

Hurd added that identifying risks and focusing on calculated reward should be top of New Year Resolutions for pension scheme managers.

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