UK banks drastically underestimate pension liabilities

The firm says a number of top listed European companies have underestimated their scheme liabilities by as much as €300bn. A number of household names were found to have the biggest shortfall in their funding, including British Airways, Shell, GlaxoSmithKline and BT. However, all of the UK's big four banks, Lloyds, RBS, Barclays and HSBC, were also found to be on the list. AlphaValue says Lloyds has underestimated its funding commitments by €1.4bn, while RBS could see a shortfall of €1.3bn. It says although estimates of pension deficits for Europe's largest listed companies rose...