Mr. Declan Bolger:

The initial straw man proposal had the cap for fees, but that cap is not in the general scheme. Under a State-run model, there is no cap proposed on what a pension fund member can be charged. If we look at typical larger existing occupational pensions schemes - as AE would be - at that 50-basis-points fee would be in or around what schemes are currently being charged. I will ask Mr. O'Shaughnessy to comment on the international experience.