The UK's 100 biggest companies have paid £150bn into their retirement schemes over the last 10 years and yet still have a combined funding deficit of £17bn, according to an extensive report that highlights the growing cost of pension provision.

Central banks' deep cuts to interest rates over the past decade have left companies "running to stand still", according to the Pensions and Lifetime Savings Association, the lobby group, because lower rates also increase pension liabilities.