FTSE100 pension deficits slashed by £32bn

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The aggregate pension deficit for the UK's biggest companies has dropped by 63% in the past year, thanks to shifting indexation measures and continuing high levels of employer contributions.

The 18th annual Accounting for pensions report, published on August 2 by actuarial consulting firm LCP, estimates the combined deficit has tumbled from £51 billion to £19 billion.

But LCP senior partner Bob Scott (pictured) warns against complacency, pointing out that the combined liabilities still stood at