Dr. David Begg:

As the Deputy said, the main functions of the authority are set out in head 56 of the Bill but there is also reference to our role in three other heads. Under head 4, which is the general terms of the Bill, we have a function in terms of schemes considered to be proper occupational pension schemes where the employees of these companies therefore need not necessarily go into automatic enrolment. That is one of the functions. Head 68 is another one which designates that the scheme is an institute for pensions provision and is therefore covered under the European Union directive and the domestic legislation giving the Pensions Authority a role in the supervision. There is a further reference in head 69 to certain amendments to the Pensions Act facilitating, as it were, the involvement of the Pensions Authority. From our point of view, it is as comprehensively covered as is needed.

The main thing frankly is that the CPA will be treated exactly the same as any other master trust in the State and that we have the freedom, or not so much the freedom but the obligation, under the 1990 Act and the legislation regarding the European Union directive to apply the same standards to the CPA, as we would to Irish Life or to any other company.