I thank my hon. Friend for making an important point. I do not want to be sidetracked but there is a general view—it is certainly repeated weekly in the pages of the Financial Times, Fund Management, where this kind of issue is widely discussed by members of the investment community—that scale matters. That does not mean that there will not be boutiques that do a good job, but generally speaking, as a principle, scale is now accepted as an important part of getting value for money in pensions.
The architect of the Australian reforms is clear that the Australians are more scaled than we are, but now they feel they are not scaled enough, relative to places such as Canada, because they are not able, with a mature book, to make the variety of investment decisions, in the hedging and the risk-taking, that is necessary. However, we can disagree on that point and come back to it in future.