By James Salmon and Becky Barrow
Last updated at 9:41 AM on 22nd December 2009

Workers hoping for a comfortable retirement are set to suffer as more pension schemes are closed

The black hole facing Britain's biggest gold-plated pension schemes has soared to £100 billion for the first time, shocking research revealed today.

Experts warn the ballooning deficit will trigger the closure of even more pension schemes over the next year, a blow for loyal workers dreaming of a comfortable retirement.

One expert described the massive deficit as 'another nail in the coffin' of gold-plated pensions in the private sector.

The research, from the pensions experts Aon Consulting, looks at the deficit or surplus of the 200 biggest defined benefit pension funds in the private sector.

Its latest figures show the deficit has jumped to £103billion, the biggest black hole in the history of pensions funds.

Aon's research highlights the speed of the crisis facing pension funds. At the start of the year, there was a surplus of £6billion.

To put it into this context, the current deficit is equal to the entire annual salaries before tax of more than four million workers on average earnings of £25,000.

Marcus Hurd, head of corporate solutions at Aon Consulting, said the figures are 'an unwelcome Christmas present for all those with an interest in UK final salary pensions.'

He added: 'Despite rising equity markets, the costs

By James Salmon
Last updated at 4:43 PM on 02nd December 2009

Charges can have a devastating effect on pensions

Savers who swap pension firms can see their money ransacked by eye-watering charges and commission, a Money Mail investigation has discovered.

A 50-year-old who switches £100,000 into the highestcharging pension could pay more than that again in charges by the time he retires.

Research carried out for Money Mail by pension website www.comparemy pension.com lays bare the devastating effect these charges have on our pensions.

We took an imaginary saver and calculated the pension pot he'd be able to retire on with different insurance companies. Aged 50, he has already built up a £100,000 nest-egg and plans to retire, aged 65, in 2024.

The calculations assume annual investment growth of 7 pc and a commission payment