Pension liabilities at 13 companies in the FTSE 100 index are now larger than their market capitalisations, according to new analysis from Pension Capital Strategies, a pensions consultancy, and Numis Securities.

Pension liabilities

Company	Market capitalisation (£bn) *	Pension liabilities (as a % of market cap)
British Airways	2.1	656
Invensys	1.4	356
BT	10.5	332
Lloyds TSB	7.5	225
HBOS	3.7	205
RBS	19.5	140
Barclays	12.8	136
First Group	2.1	134
M&S	3.4	133
BAE Systems	13.3	129
Rolls-Royce	6.1	112
RSA	4.6	111
Rexam	2.3	108
* As at Dec 31 2008
Source: PCS

Among those whose liabilities now exceed their market value are British Airways, Invensys, BT and Lloyds TSB, with other banking groups joining the list since the end of 2008. A year ago, three FTSE 100 companies were in the same situation.