BP's £12.6 billion final salary pension scheme, which is the biggest in the UK, has sufficient assets to cover only 96 per cent of its liabilities following a fall in the value of stockmarket investments, according to a report in today's Financial Times.

Forum Response

A spokesman for the National Association of Pension Funds told ePolitix.com "The NAPF has been warning for some time that companies face a growing range of pressures in offering final salary pensions to their employees. These include falling returns on pensions investments, as well as difficulties with new accounting standards, and mushrooming red tape.

"BP employees will no doubt be reassured by BP's commitment to continue to offer a final salary scheme, despite these growing pressures."