Lonmin became the first FTSE 100 company to offload its pension liabilities to an insurance group, striking a deal with Paternoster, a company formed to take pension risks off the hands of employers.

Paternoster declined to give financial details, but according to a recent survey from Pension Capital Strategies, Lonmin’s scheme is carrying a hefty surplus as measured by current accounting rules and its liabilities are far smaller than its market capitalisation.