Tesco, the UK retailer, has shaved £270m from its pensions deficit by changing the rate of inflation that applies to the liability - a similar change to the one creating massive controversy at airline BA, where three members of its trustee board have resigned in protest in the past week.

In its annual results, published today, Tesco said it has decided to link certain members' pensions to the Consumer Price Index, rather than the generally-more-generous Retail Price Index, following a government recommendation to do so last August.