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Pensions Bill

I thank the Minister for that response and I will read carefully what he has said. It seems that the Minister is saying that there is a distinction between the trustee corporation acting as a corporation and the pension scheme, and that these activities can be separated. It seems to me that the trustee corporation will be running the pension scheme and its costs will be those of the pension scheme. It is difficult to separate the two; they are not separate in that sense. I think about my experience of seeing how pension schemes operate in the commercial world. The trustee corporation and the scheme are one. I struggle a little to understand how this works in practice. Could the Minister help me?