Nathaniel Erskine-Smith at the Industry, Science and Technology Committee

Thanks very much.

I want to pick up where Pierre left off on the state of DB pension plans. If you have a transitional period that says this will take effect only on a going-forward basis, isn't there still great risk to pensioners, given the existing liabilities that companies have that are at the moment prioritized over and above unfunded liabilities as they relate to pensions?