Christine Farnish, chief executive of the National Association of Pension Funds, expects them to disappear altogether from the private sector within five years. Predictably, as the schemes disappear, the supply of self-serving, self-exculpation from managements and those who speak for them soars.

Already, according to the NAPF, some 70 per cent of existing private sector schemes are closed to new members and about 9 per cent are closed to further accruals by existing members. Many long-serving employees will now receive far less than they had expected, but will also find that it is far too late to make alternative arrangements.