One in five CFOs say the biggest risk to their defined benefit (DB) scheme is having to sell assets at depressed prices to meet pension payments, according to new research.

The research, from pensions and benefits consultancy Hymans Robertson and YouGov, found one third of CFOs say their DB schemes are now paying out more in pension payments than they are receiving in contributions.

Fifty-one CFOs of companies with more than 1,000 employees took part in the research.

It found the primary focus for CFOs managing schemes is ensuring they don't sell assets at low prices to meet pensions promised to retired or former workers – with one in five identifying this as the biggest risk to their scheme.

Earlier this month the Pensions Regulator underlined the importance of DB schemes understanding and managing cashflow risk.

Hymans Robertson says its analysis of the results show that half of FTSE350 schemes are already, or soon will be, in a situation where pension payments exceed the contributions coming into the scheme – i.e. cashflow negative.

And, according to Jon Hatchett, partner and head of corporate consultation at Hymans Robertson, the situation is only going to get worse.

He said: "Being cashflow negative heightens the risk of being forced to sell assets at a time when you either hadn't planned to or don't want to, perhaps due to a dip in markets.

"Being a forced seller of an asset with a volatile price should be avoided at all costs, as during a market slump a greater proportion of the asset base needs to be sold to meet benefits.

"The remaining funds then have less potential to bounce back in a market recovery. It's reassuring to see that CFOs are aware of this risk.

Hatchett went on to add that the past 16 years have been "tough going" for sponsors of DB schemes.

"Companies have spent £500bn on pensions since 2000, yet the combined deficit across UK DB schemes stands at £800bn.

"Forced asset sales destroy value and will only exacerbate the situation unless there's a change in approach."