If there was doubt before, there is none now. Unilever’s decision to consult its workers on closing its £5.4bn pension scheme to accruals has ended the era of final salary pension provision.

Despite its strong reputation for investment governance, even Unilever has decided it can no longer justify trying to beat the market to cover future liabilities. Instead, the scheme is set on a process of derisking with a view to achieving a buyout in due course, if it gets lucky.