The Italian cruise ship Costa Concordia ran aground last week, killing several passengers and crew members. But the disaster could have been averted

The captain could have stayed on the ship's pre-mapped course, rather than taking a diversion. Later, when he knew the ship was in trouble, there are reports that he could have called for the ship to be evacuated a good while earlier than he did.

And he could have stayed on the ship and helped with the rescue attempt.

The sinking of the UK's defined benefit (DB) pension system could have been averted too. But even now, as this once mighty cruise liner takes on ever more water, and faces impending ruin, some hold out hope for her survival. As a result, measures to rescue the stricken boat are still being suggested.

One of these proposed salvage operations has come from Pension Minister Steve Webb, who recently spoke out in favour of ending mandatory inflation proofing for DB schemes.

As our reporter Dan Billingham writes in this article, the suggestion from the Minister is a sensible one, and it is encouraging that DB has not lost her captain, but it comes far too late to alter DB's fate:

"Rough calculations suggest that eliminating this guarantee would be enough to wipe out most of Britain's combined £255.2bn occupational pension deficit.

David Collinson, the Pension Corporation's head of business origination, who calculated the figures, told Pension Funds Insider that he supports scrapping the guarantee. Nonetheless he can't see that move "causing a sea change" in the continued erosion of defined benefit pension rights."

Collinson's scepticism is well-founded. Once the lawyers, and disgruntled trustees and members get involved, it could prove hard to scrap inflation rises for many schemes.

And even if the inflation requirements were lifted, there are plenty of other rocks that ship DB could hit as it ventures into ever shallower waters.

mhandzel@wilmington.co.uk