Dominic Lindley: They are of interest, but of limited interest so far. One of the big concerns is where the capital is going to come from to establish these schemes, because you either need to charge the new members at the start a bit more to build up that smoothing fund, or the capital needs to be provided by an existing insurance company or other provider.
In terms of the guidance guarantee, I am also a trustee of a pension scheme with £100 million-worth of assets, so this is certainly an area where the retirement income market—the inertia and complexity—has delivered really poor outcomes for consumers for many years. The guidance guarantee is absolutely welcome, but unless we take further action and introduce extra lines of defence, you are still going to get insurance companies defaulting people into very poor value products. They have been defaulting people into poor value annuities for years.