Member

However, we now have these surpluses, and I intervene because in the first hour so far we have entirely talked about employers and scheme members. As the deficits were paid off and surpluses accrued, we should also remember the efforts of company employees who were not even members of the scheme, because one of the first effects of this change was the closure of schemes to new members. Younger employees—the next generation—were often working to generate revenues, contributing to the creation of revenues, which enabled these schemes to enter surplus, but with no gain or benefit from that whatever.