Large, underfunded pension schemes have threatened to scupper many a UK takeover in the past decade. But in the case of Tata Steel, which wants to sell its UK plants, there are some reasons to hope for a better outcome.

The £13.4 billion retirement fund of the former British Steel is undoubtedly a concern for anyone looking at acquiring the company. Its solvency level was estimated at a respectable 97% at March 31 2015, but has deteriorated since thanks to inclement markets, according to trustee documents.