Pensions Reform

I hope that the hon. Gentleman does not overlook the role of the Inland Revenue. One of the reasons why a lot of companies took contributions holidays was that the Revenue rules said that the schemes were overfunded—115 per cent. was the maximum. That was fine when the stock market was strong and technically there was overfunding, but it did not allow companies to build up adequate reserves to allow for the fact that the stock market was going to crash one day. I am afraid that the Revenue is as much a culprit as anyone else.