After a subdued couple of months, the £1.3bn (€1.6bn) pensions deal between BA and Goldman Sachs' Rothesay Life has certainly put this type of transaction back on the map. The volume of deals in the first half of 2010 is now well ahead of the total for the same period last year.

Pensions deals do not come any more high-profile than BA, a £2.2bn airline with £15bn of retirement liabilities, whose merger with Spanish rival Iberia depends on the latter firm giving the green light to its pensions arrangements.