The deficit at the nation’s pension insurance fund roughly doubled in the year to the end of March as a wave of insolvencies led to a rise in claims on the fund.

The Pension Protection Fund, the government-sponsored, employer-financed body that insures the pension promises of insolvent companies, said that its deficit for the year to March 31 rose from £517m to £1.2bn ($857m to $1.9bn), with £1.3bn in new claims adding to the shortfall.