Ms Jacqueline Thornton:

No. Ms Murdock has already addressed the mistrust factor and a lot of that comes back to the Chair's comment about the lack of transparency, the inability to really understand what is happening with one's pension and maybe a lack of wider financial literacy on the part of all of us in trying to understand that. It must be borne in mind that pension providers, as Ms Murdock set out, are operating in a highly regulated environment. What we disclose to our customers is determined by regulation. We have to do things in a certain way and we have to explain the statement of reasonable projection in a certain way. If we want to change that, bring in more transparency and make that disclosure more understandable, which we and our members do, some of the legislation and regulation will have to be changed to support that. Those are the kinds of conversations we have on a regular basis.