The aggregate deficit of corporate UK pension funds soared past £250bn ($373bn) in March, setting a record for a shortfall due in large part to the drop in gilt yields as the Bank of England’s quantitative easing commenced.

According to the Pension Protection Fund, the insurance scheme for the underfunded pension plans of insolvent employers, the aggregate gap between the value of scheme assets and the value of liabilities it guarantees rose to £253.1bn.