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FTSE 100 会社／堅いs dwarfed by own 年金基金s

By Simon Watkins for The Mail on Sunday
Updated: 10:04 BST, 26 January 2009

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It used to be a joke in the City that British 航空路s was a 巨大（な）年金基金 with a small 航空機による大（公）使館員d. But where the 'world's favourite 航空機による' leads, o ther British companies are に引き続いて.

As the market values of our biggest blue-半導体素子 companies 低迷, many are now smaller than the 年金基金s they support.

The news comes as the 国家の協会 of 年金基金s 警告するs that more companies are planning to abandon generous 年金計画／陰謀s as they （人命などを）奪う，主張する these growing 義務／負債s are becoming a heavier 重荷（を負わせる） on their 後退，不況-strapped 商売／仕事s.

独立した・無所属年金s 顧問 John Ralfe said: 'The 経済的な状況／情勢 gives companies an excuse to do what they would have had to do anyway. It is too late to stop the 傾向'.

What was once a bizarre 状況／情勢 is now commonplace の中で our 主要な banks, once-広大な／多数の／重要な産業の groups and many former 明言する／公表する-run 産業s.

In total there are 14 companies in the FTSE 100 whose market value is lower than the size of their 年金基金s - 手段d by their 義務s.

Outside the Footsie there are other former 広大な／多数の／重要な指名するs, such as GKN, where the 不均衡 is even greater.

主要な the pack is 王室の Bank of Scotland, whose 年金s 義務s stand at about ￡27bn. に引き続いて RBS's 96% 低迷 in the past year, it is valued at only ￡4.3bn.

BT is also 価値（がある） a fraction of the size of its 年金基金, with a market value of ￡8.5bn and 年金基金義務s of ￡34.5bn.

The fact that a company may 落ちる to become a fraction of the size of its 年金基金 should not 脅す the 計画／陰謀 itself. What 事柄s is that the 計画／陰謀 is 基金d and that the company can continue to 与える／捧げる, or to 支払う／賃金 what is usually a 抱擁する sum to offload 未来義務／負債s.

In the 事例／患者 of the 14 companies smaller than their 年金計画／陰謀s, 非，不，無 shows 厳しい赤字s in its 基金s. But the fact that the value of Footsie companies is 落ちるing while 年金義務／負債s are 不変の or rising is seen by some as a （疑いを）晴らす調印する that 法人組織の／企業の Britain is not growing 急速な／放蕩な enough to keep pace with the cost of defined 利益年金計画／陰謀s.

Company / Market Cap / 年金計画／陰謀 (義務／負債s)

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