This unfeasibly large figure dwarfs both the annual NHS budget (£100bn) and the UK's spending on education (£81bn). It's more than five times the £37bn that the country will invest this year in defence, and makes even Sir Fred Goodwin's retirement package seem small. This corporate problem is a huge one right across the board, even if it's the Royal Mail's £8bn pension shortfall that hogs the headlines. In February, the Pension Protection Fund said 90% of the 7,800 schemes it measured were in the red, with only 812 still in surplus. Many employers have already tried closing final-salary schemes to new recruits. Now, they may have to look at reducing the entitlements of existing members - legally tricky and deeply unpopular though this may be. As if having to work longer wasn't enough ... In 30 years, 25% of the population will be over 65. That's up from 16% today, when Age Concern reckons the under-employment of 'older people' costs the UK economy £29bn a year. So your pipe-and-slippers set may have to stay on the shelf a while longer.
There is a moral dimension to business, but you can take it too far.
In our second Changing Lanes podcast, we talk to people who have successfully pivoted their career by pursuing further study, finding a mentor or taking a sabbatical.
The law is changing so that parents who have lost a child will be entitled to take paid leave.
How a can of dog food inspired a $100m business.
Recognising there's a problem is only half the battle.
Do your research and be prepared to walk away if the deal doesn't feel right.