Dr. Barra Roantree:

We can think about it in two ways. For those who are automatically enrolled, what is being proposed is that the State will contribute €1 for every €3 saved, as the Senator said. We can think about it in that sense of €1 extra for every €3 saved. We can also think about it as a blended rate of relief, which is something that has been proposed before. Rather than giving relief at a marginal income tax rate, it is given at a flat rate of 25%. Those two things are equivalent. They are just different ways of describing the same thing. When the scheme was rolled out initially, and the design principles were there, I thought it sounded like a more dramatic change, as I said in my opening statement, to the exempt-exempt-taxed regime. It is better to look at this as a blended rate of relief for the automatic enrolment scheme in particular.