Denis Naughten (Roscommon-Galway, Independent) | Oireachtas source

It is clear from the general scheme that this new fund must comply with the existing law, both domestic and international law. Based on the witness's view of what has happened elsewhere, what is the time differential? What is the genuine timeline to establish this piggybacking on the existing industry? What is a genuine estimate in relation to it? People have said that this can be done in 12 months. I do not believe that realistically, on 1 January 2024 - regardless of what approach is taken- that this can be effectively up and running. What is a genuine estimate the industry would see for those timelines to be delivered?

My second question is being thrown back at Ms Thornton in the context of her question about the change in approach following the publication of the straw man report. Would that have anything to do with some of the reports that we have had from Charlie Weston, and the legislation that has been accepted on Second Stage from Deputy Ged Nash around the lack of transparency on fees? One headline in the Irish Independentsays "Six in every ten euro in a pension pot being consumed by charges". There is a lack of transparency in relation to charges and there is a concern that there would be an agent of the State gathering money that would be going to fund the fees of the pension industry. May this have been the reason for the change in approach, leaving aside the fact that in the general scheme of the Bill there is a cap on fees? Does Insurance Ireland believe that this may have been a factor for the change in approach?