Ms Teresa Kelly Oroz:

These are all the costs relating to communication and the audits. A large part of IORPs is the need to put in place governance structures such as internal audit functions and risk functions, which makes total sense for the very large pension schemes. We are working on the assumption that for smaller schemes they will not be applied. Again, if they do apply, how they will be applied to the smaller schemes could also have a huge cost with regard to what is going on. Part of the problem is that we have no visibility regarding what the Minister or the Department are thinking on the communication and the Government structures they will require for these very small schemes.