Europe's 50 largest companies are running a total pensions deficit of €116bn ($140bn), almost a quarter of the €500bn they have in pension liabilities, according to an annual survey published by consultant Lane, Clark & Peacock.

Using disclosures made by companies in the Dow Jones Stoxx 50, the Accounting for Pensions report said that the UK's BT had the highest deficit at €12.8bn. Spain's Banco Santander Central Hispano's shortfall was about €9.4bn, while German energy group E.On would need €8.1bn to meet its liabilities. The actuarial consultant said the figures were indicative of a "huge post-retirement risk" being borne by European corporations.