Deficits of all defined benefit (DB) pension schemes were recorded at £118bn at the end of December, a reduction of £2bn from corresponding figures released on 31 December 2011, JLT Pension Capital Strategies has revealed.

Figures for 31 December 2012 showed that the total value of assets for all UK private sector pension schemes were £1,077bn and the total value of liabilities were recorded at £1,195bn.

Deficits for FTSE 350 companies were recorded at £56n for 31 December and £50bn for FTSE 100 companies.

JLT Pension Capital Strategies managing director Charles Cowling said that 2012 was a difficult year for companies and their pension schemes but added that there was also “some respite in the accounting positions due to increases in asset values”.

He also commented however that “the true extent of the systemic problems that exist are hidden by these accounting disclosures which do not reveal the full extent of the pain being felt by many companies with large pension obligations”.

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