With all due respect to the hon. Gentleman, I worked in the pension sector for well over 10 years and he is making a number of assertions from a position of not necessarily great experience in the sector. Intermediation in the financial services sector as a whole is vastly different from jumping to the conclusion that just because a scheme is bigger it will necessarily be cheaper and better run and produce better results than a smaller scheme. There will be examples where that is so and examples where it is not so. There should be some economies of scale from bigger schemes. They might also be able to negotiate better deals and lower prices, but there is little evidence to suggest a widespread, generalised conclusion that big is always better and small always more expensive, producing worse outcomes. That is simply not the case.