31. A section of the briefing paper covered legal, actuarial and general points. It stated that consideration had been given to current members and to pensioners and deferred members. The paper noted among other matters that

•                        "[The Principal Employer] felt that the new arrangements did

not change the position for existing retirees in any way at all, but was prepared after discussion to reassure pensioners that

this was the case ....

• [Solicitors for both the Trustee and the company] agreed that running a [db] Scheme and a [dc] Scheme under the same trust is appropriate and indeed recent guidance and interpretation on the Pensions Act actually deals with this arrangement and the associated prioritisation of different liabilities....

• [The actuary also agreed] that the use of a single trust as part of the overall package is an approach that the Trustee can accept."

A "single trust" is not the same as saying the funds have to be mingled.