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Pensions Bill

It would be a judgment as to whether those fees are normal under the commercial circumstances of the transaction that is being undertaken. There is a real danger that we are creating concerns that do not need to be real concerns. But over the next couple of months we need to make sure that we cover all of these bases and give the necessary reassurances. With regard to the detrimental effect on the widened range of situations, we have proposed setting out circumstances in which the power can be exercised using the new test. We will certainly consider putting this in legislation to deal with the specific concerns that have been raised. We do not want these arrangements to get in the way of the sorts of transactions and work that the noble Baroness and the noble Lord have both identified. I am sure that we can end up in a situation where we can give the reassurances, but to define a further group of people—company or turnaround specialists, or whatever—is not the right way to go about it. It is not an effective and practical way of proceeding in any event.