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IBM Pension Scheme

If my hon. Friend has any information of that kind he should certainly put it before the regulator. The regulator has been written to by several hon. Members of this House and members of the IBM scheme and has had a look, but has, so far, found nothing illegal or which would fall foul of current regulations about the way that IBM have technically dealt with the scheme. If my hon. Friend has further evidence of that sort, I suggest that he sends it to the regulator. I want to deal with the Government's legislating, perhaps, to stop sudden changes, which the hon. Member for Romsey mentioned. I do not believe that sudden changes in pension funds are ever particularly desirable. We have legislation in place requiring employers to consult for at least 60 days before they bring changes into being, but we have to keep a balance in the law and not put employers off offering defined benefit schemes at all by making the way that the regulations work too inflexible. There are still 2.6 million people in the private sector accruing rights in defined benefit schemes. I am acutely aware that we have to put in place a structure of law that enables us to try to assist both employers who wish to offer such schemes and employees who benefit greatly from them, and that they continue to do so. Again, there is a balance to be struck, but there is a requirement to consult and I understand that IBM has done that. I understand—perhaps hon. Members who know more will correct me if I am wrong—that IBM has extended the time by which it was going to introduce these changes from April 2010 to April 2011. That is what a local trade union representative told me when I had a word with him. It is important that the IBM board looks at our debate today and that it takes due notice of the surprise, worry and anger that have been expressed. I have a great deal of sympathy with those feelings, which have been well reflected in the debate, and I hope that IBM will take note of them.