Figures have shown that stock market turbulence has led pension funds to swing from a £7bn surplus to a £32bn deficit in January.
Aon Consulting said it was the highest level of volatility since the present method for working out deficits was introduced in 2001. It said the UK's 200 largest defined benefit schemes' total shortfall was £12bn by the end of the month.
But it warned that the figure could soar by £120bn if radical proposals about calculating deficits are adopted.
Aon said only 40% of the largest 200 schemes ended the month in surplus. The present level of volatility is expected to diminish over the long term. But Aon said that the fluctuations posed significant difficulties for companies reporting in the short term, or those schemes which wanted to settle their liabilities in the near future.
"January has demonstrated that markets continue to be volatile and that financial turmoil is at the forefront of investors' minds," said Aon senior consultant and actuary Marcus Hurd.
"Pension schemes are long term investors, but many cannot afford to ignore short term pressures, which can affect business plans and destroy confidence," he added.
If all we can do is live in hope that the stock market returns to its normal state, we have to take it upon ourselves to get the best out of our salaries and hence careers.
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