Ms Moyagh Murdock:

It is important to draw on the experience of our neighbours in the UK with the National Employment Savings Trust, NEST, auto-enrolment scheme, which took approximately five years to establish. That is understandable when one has to build a competent team and go out through the public appointments system to recruit, train and establish the organisational structures. It is a very ambitious timeline. We are all chasing a finite number of experienced pension professionals and we have to have the competency in the organisation to deliver on the mandate and deliver as set out in the Bill all the executive functions and responsibilities of the central processing agency, CPA. That is not a small undertaking and it will require time and resources to do that.