Mr. Jerry Moriarty:

Companies will always argue they can do better things with their capital and spend it on the company. However, that is one of the things they sign up for when they have a defined benefit scheme in place, namely, there is going to be a fluctuation in cost. For companies that go to the other side and go back into surplus, the contributions will start to reduce over time. Certainly, companies are probably spending more than they would have planned. The whole idea of the restructuring plan or funding plan that gets put in place is that it is signed off and agreed on between the company and the trustees, and also the regulator if is for longer than three years. There is quite a bit of toing and froing in the negotiations that go on so everybody can come out with a figure they are comfortable with and can live within. Companies have to look at, first, what they can afford and, second, what they want to pay, and try to get the right balance between them.