The UK's bill for underfunded pensions amounts to £33.8bn (€50bn) according to a survey from the UK Pensions Regulator and the Pension Protection Fund, despite companies forking out an extra £9.8bn to close deficits in the year to April 7.

The total shortfall is calculated on the PPF's own benchmark, known as "section 179". According to the FRS17 accounting standard, the funding hole was £88.6bn as of March 31.