According to the firm’s research, these companies could lose as much as £80bn (€101bn) over the next 12 months.

David Robbins, pensions partner at Deloitte, believes that the average FTSE company is risking 8 per cent of their value at risk via its pension scheme.

He said: “Our analysis shows a wide variation in the pensions risk being taken, from less than 1 per cent of company market value to more than 100 per cent, but the bottom line is that most companies are taking too much risk in their pension schemes.

“To give an idea of the extent of the risk, we calculate that there is a one in 20 chance of FTSE 100 pension scheme deficits increasing by a further £80bn over the next year. I seriously question whether this is the right economic climate for businesses to take such large gambles.”

Funding levels have fallen in recent months because of a continuously difficult investment climate. Deloitte estimates that the funding surplus of £15bn at the start of the year has become a £23bn deficit today.

The research indicated that too many funds have strategies that focus on higher-risk asset classes such as equity and property. Sectors with the most risk to their company value were industrials at 18 per cent and utilities at 8 per cent.

Mr Robbins added: “Companies need to pro-actively work with trustees to focus on the right strategy for their individual circumstances. There are a range of options available to manage pension liabilities and investment risk. The one thing that companies must not do is ignore it.

“There has been a giant shift in pensions legislation and practice in recent years. Some companies have already reacted to the risks and taken action – others need to consider their options.”

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