There is much talk of a sell off of part of the group, but is anyone considering how difficult that might be without full cooperation and agreement of the Pension schem trustees and the Regulator (particularly if the PPF is also involved). Trustees are duty bound to do a covenant assesment of any potential new employer and if they are not satisfied then it will not be that easy to just spin off part of a company attached to a FS pension scheme, particularly if it is still open to further accrual (certainly not without some firm and potentially very expensve guarantees or even a buyout).