Mr. Oisin O'Shaughnessy:

The core difference between the straw man and the current proposal is the role and the size of the role of the central processing agency. It was quite a thin layer in the original straw man whereas now very much everything is State run. I suppose there will be an investment provider underneath but all of the member interactions, and all the innovations within the product, are not an option now. The private pension providers could have done that in the straw man proposal whereas now it is a kind of a Government-run system with some outsourcing of investment underneath the bonnet. There is no choice for the member in terms of even the investment offering because I believe there will be four investment providers and the returns will be pooled across those four providers and there will be four funds. There will be a lack of members picking different options, a lack of competition and a lack of innovation driving overall product improvements and investment improvements into the future.