Final salary pension scheme liabilities have reached a record £2 trillion, outstripping the £1.8tn total economic product of the UK for the first time, Hymans Robertson has said.

The Glasgow-based pension consultant said European quantitative easing had depressed interest rates and helped inflate the liabilities, offsetting schemes' strong growth in assets from £900bn to £1.3tn over the past five years. Although £44bn had been pumped into all schemes since 2012, the new pension freedoms could now prompt a £10bn annual outflow.