A NORTH-EAST company last night became the latest victim of the UK's mounting pension crisis as it called in administrators, putting almost 50 jobs at risk.

Aptec Technologies, in West Auckland, near Bishop Auckland, County Durham, had a £14m pension deficit when it last filed its accounts, and the gap is believed to have been unsustainable, forcing it to call in administrators PricewaterhouseCoopers.

In Aptec's accounts, filed with Companies House on December 31, 2003, it said that, as of March 31, 2002, its gap between the actual value of the scheme and the target value was £14.4m.

Aptec, which has 47 workers at West Auckland and an annual turnover of £3m, appointed administrators on Tuesday, blaming a "significant" pension deficit for its problems.

It was not clear last night what the up-to-date deficit figure was, or whether workers' pension rights would be protected.

Ian Green, joint administrator and partner at PricewaterhouseCoopers, said: "In common with many companies at this time, Aptec Technologies has suffered from the difficulties of a significant pension deficit, and the ongoing funding of this was the predominant factor in the directors' decision to seek the protection of the administration order.

"The business is operating with a full order book and manufacturing is ongoing.

"With the support of key customers and suppliers, we are hopeful of a sale of all or part of the business, safeguarding the jobs of the workforce."

The pension deficits of large, FTSE 100-listed companies have been well documented in recent weeks, with British Airways' £1.3bn pension fund deficit prompting threats of strike action from pilots yesterday.

With new pension legislation being considered by the Government, which would require employers to contribute more to final-salary schemes, business leaders are worried some small companies would be unable to cope.

Andrew Sugden, policy director at the North-East Chamber of Commerce, said: "Any business with a final-salary pension scheme is going to have problems, and will have to face up to those issues."