Modifications in accounting standards are likely to increase shortfalls in U.K. pensions by £10 billion, according to estimates by Aon Hewitt, Professional Pensions reports. The consultancy added that amendments will affect the figures for companies with a defined benefit scheme, adds IPE.

Schemes with an aggressive investment strategy are likely to incur significant charges, while those with low risk strategies may see an increase in annual profits. The deficit for FTSE350 firms was around £44 billion on an IAS19 accounting basis at the end of last month, up from £41 billion in April.

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