Defined-benefit pension schemes are, apparently, dead. The announcement of the closure of schemes over the past month or two, including Vodafone and DSG, barely registered in the mainstream news, and even pensions experts get bored discussing it.

Of course, they are not dead, as a quick assessment of the size of the industry that advises them and their employees would confirm. However, they are certainly dwindling and, rather like the polar ice caps, everyone mutters that it is far too late to do anything now.