Dr. Ronan Lyons:

I will follow on from the point made by Mr. Burgess and Mr. Deeter about dipping into pensions One can flip it around and say that the transition is important but if we leave it aside and think about somebody in their early twenties now who knows they have to save 20%, 15% or whatever it turns out to be for a deposit, that could have a beneficial effect on private pensions because people in their early twenties will put aside a certain amount of their income as they know they have to save for a deposit. The day they get their mortgage, that fraction of their income that they save is switched from saving for a deposit to saving for a pension so there could be a beneficial effect on savings behaviour. Saving is all about habit and habits are persistent. That was one thought that needed to be thrown into the mix.