More than a quarter of large companies are considering selling their pension schemes, a survey has found.

The findings reveal the scale of the buyout market and indicate that the number of companies that want to rid themselves of their pension liabilities is much larger than previously thought. The fact that some 27 per cent of large companies are considering the move means a wave of buyouts in the next five years is likely.

Pension experts said that market volatility was pushing companies towards pensions scheme buyouts to ensure the risk was off their balance sheets.

Excessive demands for funding from pension scheme trustees and more stringent regulation on reporting deficits were also cited as factors.

Mark Hommel, a partner at PricewaterhouseCoopers, which compiled the survey, said: “Attractive as the prospect may be to some, selling a pension scheme is not always in the best interests of the employer and pension scheme members.”

The recent turmoil in the credit markets provided a further spur to companies to get rid of their pension obligations.

Mark Wood, chief executive of Paternoster, the pensions buyout group, said it had seen quoted assets increase from £1.5 billion in March to £4.5 billion in August.

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