Since the adoption of FRS17 last year, UK funds have had to calculate liabilities using a discount rate based on bond yields. Under pressure from the UK Pensions Regulator to eliminate pension deficits within 10 years, pension funds have been piling into bonds in an attempt to closely match their assets and liabilities.

There have been plenty of guesstimates as to how January's fall in yields affected the size of pension liabilities, with several putting the rise in deficits at UK firms at around

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