The decision by Johnston Press, the UK regional newspaper group, to slash its chief executive's pension package has thrown the spotlight on the soaring costs of Furbs (funded unapproved retirement benefits schemes), which look set to become the next big casualty in pensions.

The quoted regional newspaper giant and new owner of The Yorkshire Post capped Tim Bowdler's package in a move that a leading institutional shareholder says 'represents just the tip of the iceberg at big companies'.