Let me make a bit of progress. Let us be clear about the evidence from elsewhere. The Danish system always talks about rankings and the quality of pension schemes, for a number of reasons. A big part of that is that intermediation—agents taking a cut through the investment chain—is much reduced because so much of it is done in-house. In Canada, there is now sufficient scale that they do not pay private equity houses and agents to buy chunks of private equity. They do it themselves. The Danes do that too. If the hon. Gentleman thinks that the level of intermediation—people taking cuts—is acceptable in the UK asset management world, he is going against the findings of the widely respected Kay report, which was delivered to his own Government not that long ago.