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Personal Accounts Delivery Authority Winding Up Order 2010

Is that the end of the Minister’s answer? I raised a serious question about the appointment of Mark Fawcett, but the Minister does not seem to be aware that he was appointed. He appeared to say that that is for PADA and that he would deal with it later, but he has not dealt with it—so could he please answer the question? As I understand it, Fawcett will continue to be employed by NEST and lead the consultation and advisory processes for it. Can I have a substantive answer to the question? Why was someone appointed from that background in investment? What was the process? Why were mainstream people from pension funds and insurance companies not appointed? I am pleased to hear his assurance that it would not be investing in lots of hedge funds, but would hedge funds or private equity be appropriate at all for NEST? I cannot see how they would be. I heard the word "alternatives" at the end of what the Minister was talking about. In the investment world, "alternatives" is shorthand for hedge funds, private equity and possibly currency speculation—I do not know. Can we face up to this issue? Will the Minister take this back and look at it seriously? I am horrified, and I believe that all the people who were involved in the discussions that we had on the Pensions Bill will be horrified, that even one penny of the pensions and savings of low-paid people, who are most at risk on a no-charging scheme, will be put into dangerous investments of this kind.