Second, how should the long-term liability for decommissioned oil and gas assets be organised?

Falling gilt yields have added tens of billions to the deficits of final-salary pension schemes, which have struggled to meet long-term liability commitments.

Claims-made policies enable insurers to again sharply limit their own long-term liability on each policy and in turn, to close their books on policies and record a profit.

Though it came in below that in the last financial year, realistic expectation for life expectancy means that the government's long-term liabilities are steadily increasing.

The slump in the returns on government bonds makes it more expensive for retirement funds to cover their long-term liabilities.