Mr. Oisin O'Shaughnessy:

The committee will be meeting representatives from the Pensions Authority later this morning. The authority would be the regulator of this. It is not clear from the heads of the Bill how this scheme would be regulated or what kind of legal structure it will have. What are emerging in the market currently are master trusts and institutions for occupational retirement provision, IORP, regulations from the EU that have been implemented. As Mr. Bolger said, there are policies for workers and members with high levels of protection and high levels of governance around risk and supervision, audit supervision, conflict-of-interest policies. There are high levels of trusteeship of the money that is being minded for workers until their retirement. This bar is so high that we have a concern about the lack of clarity regarding the legal structure for the AE pot of money and who will oversee it. Will it involve the same level of governance and the high bar that rightly exists in the context of private occupational pensions?