All we need now is a plague of locusts – anything, in fact, to serve as a light diversion from the problems assailing private-sector final-salary pension schemes at present.

This month's crop of setbacks has seen average pension scheme deficits rise to levels not seen since 2009, following a steady fall in sovereign bond yields and market volatility. A small number of schemes have loaded up with enough derivatives to feel safe, but the vast majority are stunned by the renewed decline in their fortunes.