Let us face it, pensions regulation is a difficult subject. Worthy but dull. Even as a pension fund trustee my eyes glaze over at the phrase.

Of course, protecting hard-earned pension rights is important. We all remember the agony of the pensioners whose fund was plundered by the late Robert Maxwell. It is understandable there should be measures in place to protect the security of those workers lucky enough to have a pension based on their final salary.