It’s been a tough year for employers with defined-benefit (DB) pension schemes. The combined schemes of the FTSE 100 companies reported a net pensions deficit of £41 billion last month, compared with a £12 billion surplus at the same time last year, according to actuarial firm Lane, Clark and Peacock (LCP). But it’s not only short-term stock market volatility that is giving firms with DB plans a headache. As well as the continued pressure caused by people living longer, recent government moves are placing a greater regulatory burden than ever on businesses providing such schemes.

According to the CBI, pension scheme deficits are back at the top of the corporate worry list. So are employers right to be worried?