Amendments to Law (Resolution of Dunfermline Building Society) Order 2009

My Lords, I am endeavouring to suggest to your Lordships—and I will correct this if I am myself misdirected—that there is considerable security in the situation of the defined benefit pension scheme of the Dunfermline in terms of its members’ access to additional funding in respect of any deficit. Put simply, there is little likelihood of this defined benefit pension scheme having to have recourse to the Pension Protection Fund. So, while the term "left stranded" might describe how they are left geographically, they are stranded in quite a pleasant place compared to members of a scheme in a failing company. The noble Baroness asked where the retrospective effect was, and specifically referred to the 8 am to 9.45 am. I assure the noble Baroness that there was no suggestion of people being dilatory. I was quite closely involved with the transaction. It was announced on a Monday morning. Negotiations with the Nationwide, the outcome of an auction process, took place throughout the night. I was there myself late on the Sunday evening and again early on the Monday morning, although I must confess that, unlike officials, I did not work throughout the night. The delay of an hour and 45 minutes was just a matter of sequencing. The noble Baroness also repeated the points that have been made by the honourable Member for Fareham in the other place on FOI and shadow directors. This will tend to be a feature of such instruments and orders should we seek them in the future, but we should not approach them lightly. On each and every occasion, we should ask ourselves whether an exemption from freedom of information, or protection against the possible suggestion that somebody is acting as a shadow director, is something that we should look at freshly in the light of each circumstance. We have come to understand from resolution processes, under the special Act and now under the 2009 Act, that they may appear to be similar but when you get into the detail of them, each and every one is very different and, therefore, needs to be judged on the specifics. I am sure that, again, I have failed to answer every question asked. If so, I apologise and shall seek to rectify that by writing or giving way.