The latest annual report showed the value of the assets in the scheme was £73.3m, with the liabilities totalling £102.4m, leaving a shortfall of £29.1m. It also showed that £54.4m of the total assets in the pension schemes was in equities. As the FTSE All-share index has declined by some 20% since the year end, the deficit could have increased by a further £10.9m to more than £40m.

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