I am sorry, but the hon. Gentleman is not on a good track here. The reason is fairly straightforward. Fees paid by pension schemes to in-house asset managers, or indeed by insurers to in-house investment managers, are by and large not less than those they would pay to external managers. In fact, quite often they are more expensive. Most important is the element of competition. Asset management mandates have to be won by open and fair tender and they should go to the best managers who put themselves forward. Where there is an easy slide of appointing an in-house asset manager, I am afraid there are many examples of inferior performance and poor results for pension scheme members.
I would put the challenge the other way: name a good example of a pension scheme in the UK where an asset manager has delivered outstanding results. Furthermore, the vast majority of pension schemes should not even be looking at private equity.