UBS will open the floodgates to a fresh wave of blockbuster takeovers next week by offering to buy out the pension schemes of leading FTSE100 companies.

UBS and Aegon are understood to have already held discussions with a number of potential clients

The Swiss banking giant has teamed up with Aegon, the Dutch insurer, to launch a joint venture aimed at unlocking some of the £835bn worth of pension schemes run by British companies.

If it is successful in persuading larger companies to cap their future exposure by transferring both assets and liabilities, it could remove one of the few remaining obstacles to private equity bidders keen to acquire larger employers such as ICI, British Airways and Unilever.