Ms Moyagh Murdock:

Perhaps I could come in on that. Our concern is that this State-run body is going to have to replicate and mirror all of the infrastructure resources that are currently already in place with the pension providers in Ireland who have been doing this for decades. I believe they have served their customers very well. They are very experienced. It is a very complex and highly skilled function. Our concern is that it is unnecessary to start from scratch and to replicate a body to take on those responsibilities. It will add a significant overhead and additional cost, and it will delay the implementation of an auto enrolment scheme. It may divert resources into having to run the system as opposed to availing of the existing infrastructure that is already there.