The £800m (€1.1bn) partial pensions buyout deal signed by P&O, which emerged this morning, is just the latest in a series of steps by the company's retirement scheme to reduce its risk. It has also set up bank guarantees worth £60m and has been steadily increasing its allocation to bonds towards a target of 67% of the £1.3bn fund.

The P&O Pension Scheme, a defined benefit plan that closed to new members in 2001, has agreed with specialist insurer Paternoster to transfer the liabilities relating to the scheme's existing 11,000 pensioners, a spokesman confirmed this morning.