The four main UK-based banking groups all reported second-quarter earnings this week, and all of them were affected, one way or the other, by their pension funds. They operate some of the biggest in the country, and their ability to support the once-generous schemes has been severely curtailed by the financial crisis.

Earlier this week Lloyds Banking Group became the latest to book a gain from changes to its scheme - it said it boosted its bottom line by £1bn (€1.2bn). The bank made £1.3bn in statutory profits before tax, so the pensions saving is material, although the pensions gain was excluded from its operating results, which are reported separately.