FTSE 100 pension gap grows wider JLT Pension Capital Strategies, a consultancy, said the total deficit of blue-chip schemes stood at £73bn on March 31, compared to £35bn a year earlier. The company said International Airlines Group, BAE Systems and BT are among eight FTSE 100 companies whose pension liabilities are now actually greater than their equity market value. Rising deficits have been driven by poor returns on equities and the Bank of England's quantitative easing programme. This is because the Bank uses the money to buy debt, which pushes up the price of Government gilts. This creates lower returns, or yields, on pension funds" investments. Charles Cowling, managing director of JLT Pension Capital Strategies, said: "Pension scheme deficits are becoming increasingly significant in the boardroom and in company management decision-making. Companies are reacting to difficult economic conditions, rising pension costs and increasingly aggressive regulation by closing more defined benefit schemes. Despite the widening gap, JLT said the funding of pension deficits has remained significant, with companies paying a total of £11.6bn into schemes over the last year, up from £10.8bn in 2011.