The total pension deficit of UK companies grew larger over the summer months after consistent reductions in the first four months of the year to hit £51bn (€75.7bn) at the end of August. Analysts blamed declining bond yields and weak equity markets.

In the four months to April 30, the total pension deficit for 200 of the largest UK companies improved from £72bn to a low of £32bn, according to research from Aon Consulting, a pensions and HR consulting firm.