The message is clear, even if it is depressing. In the past 12 months, UK companies have made almost no progress in dealing with the expensive legacy of their final-salary-type pension funds, now mostly closed, but still a financial millstone around the necks of corporate Britain.

Last week, the accountants PricewaterhouseCoopers gave FTSE 350 companies a score of 75/100 for their efforts, and while that sounds pretty good, it was 88/100 in early 2007, before the recession began. PwC says the score, which tracks companies' overall financial strength versus their pension obligations, should be more than 90 if UK plc is to get its pension bills "under control".