Last week two surveys revealed that the combined pensions shortfall of FTSE 100 companies had dropped sharply in 2006. According to the actuaries Watson Wyatt, the deficit fell from £60.4 billion at the end of 2005 to £39.9 billion — the largest annual reduction since records began in 2002. Deloitte, the accountants, said the decline was even steeper — down from £75 billion to £38 billion.

Last week other figures showed a much gloomier picture. According to figures buried in the Purple Book, the combined deficit of all UK pension schemes is £440 billion under the strictest test of solvency — far higher than previously thought.
Sunday Times – Times Online
Purple Book
The Pensions Regulator