Mr. Tim Duggan:

No. Remember, this is people's money, not the State's money. The State is topping it up, but the State is also topping up occupational and private pensions. This is the people's pot of money, not the State's. That is a very important element.

It is their risk so it is their interests that have to be served, not the State’s. It goes back to what I said: the fiduciary duty is paramount. It is a case of ensuring the best outcome for the participants in the scheme. If it turns out that investing in Irish bonds is best for the participants on reaching the de-risking stages of the lifestyle, there is no reason the CPA would not do that.