Pensions crisis? What crisis? The deficits which burden UK pension schemes are melting away, although the picture is often confused by sharp movements in the capital markets. Schemes sponsored by the UK's largest companies could be in surplus in less than two years following the receipt of hefty contributions from sponsors, plus a recent recovery in equities.

The Pensions Regulator is working hard to maximise sponsor contributions through ten-year recovery plans. Not before time, the Pension Protection Fund stands ready to rescue scheme members when sponsors go bust.