Alan Rubenstein: Well, I think we have to remember that we are dealing with an established back book, as the insurers would call it, of around 12 million people who are covered by defined benefit schemes. I do not expect that to reduce very sharply in the short term.
In terms of the impact on the PPF, I am fairly comfortable that greater choice is going to be a benefit. It is clear that, if there is greater provision, the chances of people falling back on the PPF ought, in principle, to be reduced. However, it depends, where that happens, as Mr Graham suggests, on a large shift out of DB schemes to DC schemes. In that case, there would certainly be a reduced call on the PPF. But I think that we have to wait to see at what pace that takes.