Defined-benefit schemes are in danger of extinction as pressures mount on retirement plans. Equities have wilted, pooled returns are in minus territory, profits are under pressure and credit is being crunched. More bosses are prepared to take the buyout route.

A strike lasting just two days at the Grangemouth petrochemical facilities of Ineos caused serious upsets in Scotland and demonstrated how pension rights have moved to the top of the labour market agenda. Across British industry, pension schemes are being closed and pension promises downgraded.