Pensions Bill

My Lords, this may be a convenient time to probe the question of acting reasonably, which I know will come up rather a lot—indeed, the Minister has already referred to it. As I understand it, the concept of reasonableness relates to the duties of the regulator, which in turn relate to protecting pensions and the interests of the PPF—I forget the exact formulation. It is not the duty of the regulator to protect the interests of employers, for example. The question of acting reasonably therefore needs to be construed in the context of the regulator’s own duties and not in the context of broad fairness or equity; that is not the concept in administrative law. I should like the Minister to say a little about what he means by ““reasonably””.