Mr. Liam Berney:

In our original submission to the public consultation, we called for auto-enrolment to be controlled completely by the State. The original model that was suggested was that there would be four pension providers and it would be completely private sector provided. What is being proposed here, in our view, has moved more towards what we were suggesting, in that a central processing authority would control the funds and give mandates to investment managers regarding how the moneys put into pension funds would be managed. The proposal here is better than the original proposal in that there is more State involvement in it.