Pension Protection Fund (Pension Compensation Cap) Order 2007

I forgot to ask this. There is a report in the current edition of Personal Pensions, stating that both the Pension Protection Fund and the Pensions Regulator rule out the possibility of a merger. It quotes the Pension Protection Fund extensively as saying that it is not in favour of one, but I am not sure that that is the view of the Pensions Regulator. During the passage of the Pensions Bill, several of us argued for cost savings by merging the two bodies. Although they are both doing a good job now, there is still a good case for that. Can the Minister confirm whether the view of the Pensions Regulator really is as reported: that it does not want a merger? Obviously, I am not asking for his conclusions yet, but is that correct, because it should be seriously considered?