At KPMG’s London alumni cocktail party last week, the assembled masses had plenty to talk about. After all, it’s been quite a summer.  The firm survived a life-threatening mauling in the US over tax shelters and has taken the controversial decision to continue its battle with pension fund members over whether said fund was a defined benefit or a defined contribution scheme.

So when Mike Rake revealed the prospect of bumper results, there was plenty of murmuring. If they’re that good, whispered many of those gathered, why not cough up and stop engendering so much bad feeling among the 7,000 members affected?