Twenty of the FTSE100 companies’ pension schemes are now reporting an irrecoverable surplus worth a total of £2.4bn (€3bn), an increase of 150% over the position 12 months ago, according to new research.

Analysis published by consultancy Pension Capital Strategies shows that British Airways' APS pension scheme, which last year reported a £306m irrecoverable surplus, this year reported an irrecoverable surplus of £1.159bn. This irrecoverable pension surplus is equivalent to over 40% of the market value of the company.