There are times, I confess, when I feel like giving the unlovely subject of corporate pensions a rest. But then comes the next downward lurch: more companies in denial, fresh evidence that some may be past the point of no return.

The most recent exhibit is British Airways’ annual report. In the chairman’s statement and chief executive’s review, the pension scheme is nowhere mentioned – crowded out, presumably, by sections on global warming and the forthcoming London Olympics.