(by M.Riley)

The defined benefit pension fund deficits of the 100 largest U.K. companies declined by 24% to £42 billion ($76.40 billion) in the 12 months ending June 30, a new study shows.

London-based actuarial consultant Lane, Clark & Peacock measured the deficits of FTSE 100 companies, the 100 largest publicly listed companies in the United Kingdom. The data comes from Financial Reporting Standard 17, under which pension plan assets and liabilities are listed on a company’s balance sheet. Many U.K. employers already are complying with the standard, even though it will not become fully mandatory until 2005 accounts are reported.

LCP said that FTSE 100 companies contributed about £10 billion ($18.19 billion) into their defined benefit pension plans over the 12-month period.

On average, according to the study, for every £100 ($182) of benefits earned by employees under FRS 17, companies paid more than £150 ($273) into their pension plans. But LCP noted that there was a wide variation between the amounts companies contributed, with some making no payments to occupational pension plans at all during fiscal 2003.