Pension Protection Fund (Pension Compensation Cap) Order 2007

I do not know whether it is. I shall certainly seek advice on whether there is anything meaningful that I can say other than the assurance that I gave in relation to the review currently under way and write to the noble Lord. The noble Lord, Lord Skelmersdale, asked about the difference between the 3.4 per cent uprating and the 3.8 per cent. For the compensation cap, the 3.4 per cent uprating is based on the annual review of the general level of earnings under Section 148(2) of the Social Security and Administration Act 1992, which is linked to the tax year and also links to increases in the guaranteed minimum pension and additional amounts. Average earnings, as measured by the average earnings index and published by the Office for National Statistics, increased by 3.4 per cent in that tax year—the 2005-06 tax year, which was the base for the 3.4 per cent increase. The 3.8 per cent uprating of the levy ceiling is used because the Secretary of State must review any increase in the general level of earnings in Great Britain for the period of 12 months ending on 31 July in the previous financial year. So they concern different periods. To revert to my response to the noble Lord, Lord Oakeshott, I am advised that it is not the TPR’s view that it is against merger.