Top Scots companies see pension deficits increase

New research has revealed the deficits on pension schemes operated by Scotland’s largest companies has increased from £65 million to £7.7 billion, The Herald reports.

Consultancy Hymans Robertson based its research on the 11 Scottish-headquartered firms in the FTSE 350, in addition to a further 20 businesses such as Baxters Foods, DC Thomson and Edrington.

Calum Cooper, head of trustee consulting at Hymans Robertson, told The Herald: “Those with high levels of interest rate protection will likely be in a stronger position and those that haven’t will be much worse off. That’s the biggest differentiator between being in surplus or not.”

According to Hymans Robertson, Royal Bank of Scotland, FirstGroup and Aberdeen Asset Management are among Scottish companies with a large pensions deficit.

However, Mr Cooper said that “the reality is that the majority of Scottish corporates will be able to afford to pay their pensions in full”.