Six out of 10 companies in the S&P 500 index have underfunded pension schemes and a combined pension fund shortfall of of $206bn (€188bn), according to a new survey by Standard & Poor's, the ratings and investment research firm.

A total of 308 companies in the S&P 500 have pension fund deficits. The size of the shortfall works out at an estimated shortage of $10,000 per employee at those companies. The shortfall sits in stark contrast with a $251bn surplus in 1999.