The Association of British Insurers, the influential UK trade body, has called for companies to go beyond existing "static" measures of pension scheme deficits. The move may clear up confusion over the potential £3bn (€4.4bn) funding gap at retail buyout target J Sainsbury.

In a research paper published today, the ABI warns that reporting deficits under the accounting standard FRS17 may have adverse effects, including pushing schemes into more conservative, bond-heavy investment strategies which perversely make their situation worse.