The shortfall in company pension schemes hit a record high in February, topping even the yawning gap of five years ago, according to the latest data from the Pension Protection Fund, the safety net for the underfunded schemes of insolvent employers.

Moreover, pensions experts say, the Bank of England's efforts to combat slumping demand in the economy through the purchase of gilts - the process known as quantitative easing - is likely to produce an even bigger deficit by the end of March as yields on long-term gilts, which form the basis for valuing liabilities, rally because of the programme.