Mr. Jerry Moriarty:

I think it would be difficult, just because of the small size of the market. The danger is, because the market is very skewed as well, there are a very small number of very large defined benefit schemes, which would in effect just be paying for everybody else, like an insurance scheme. It certainly merits being looked at. I know it has been looked at before, but there is a lot more evidence now around how the protection fund works in the UK, and maybe that could be brought into the discussion.