UK corporate pensions fell even further in to the mire last month, with the total shortfall of UK underfunded company schemes hitting a record £155m (€178.1m), casting doubt over the ability of the government-created lifeboat designed to guarantee retirement payouts to meet its liabilities.

According to new figures from the Pension Protection Fund, the lifeboat pension scheme, the total deficit of schemes in November stretched to £155bn, up from £122.1bn at the end of October. The figure is almost three times the deficit in November 2007.