Although the majority of the changes will be brought in at the start of phase 2 of the scheme in 2014, we intend to implement some of the more pressing changes, notably a reduction in fuel coverage from this year so that participants can immediately benefit from the reduced compliance costs. 10:30 Overall, the simplification should lead to an average 55 per cent administrative saving for participants—or £272 million—up to 2030, with net present value of £77 million compared...