Pensions buyout deals, whereby companies offload their closed retirement funds to insurance companies, got about 10% cheaper during the second quarter and may have become still more affordable since, according to the consultancy Hymans Robertson.

The firm said rising government-bond yields were largely the cause. According to figures from KPMG, during the month of June the yield on the FTSE over-15 years gilt index jumped from 3.2% to just under 3.5%, its highest level since late 2011.