Dr. Barra Roantree:

Yes. Again with pension systems they are so important and so complicated and operate over such a long horizon that there is a real virtue to being careful in how we proceed in that there is the potential for inadvertent consequences down the line. We do not have to want to go back and change the system again. From that point of view what the Deputy says is correct. We want to make changes to the pension system rarely and carefully and from that point of view it is important to think these things through and be sure in what we are doing.

On the participation rates, during Covid I was especially worried about permanently low levels of participation, particularly among younger adults who were just emerging from the great recession, yet participation rates have shot right back to where they were. That is also the case across all age groups and it really is striking. I caveat that by saying it is not what we are seeing in other countries. In Britain and the US we are seeing lower rates of participation among older workers. We have not seen that here but we are not particularly sure what the reason for that is. There are some issues there. That links to the second part of the question the Chair had about sustainability. There is much that can be done for the sustainability of the pension system by having people working longer and in kind of a flexible way, as he outlined. However, I would not be so sure that is enough to eliminate the need for changes elsewhere in terms of-----