Mr. Tim Duggan:

We mentioned the costs earlier. Going on a basis of about 750,000 people and using an average income of €35,000, the projections are that the State contribution in years one, two and three will be €135 million per annum. In years four, five and six, because the contribution rates are going up, the State contribution will be €270 million per annum; in years seven, eight and nine, the contributions from the State will be €404 million per annum; and from then on, the full yearly cost when we get to 6% would be about €539 million per annum. On top of that, employers will be able to claim tax relief on the contributions they make, and the best estimates we have been able to get from colleagues in the Department of Finance and Revenue are that that would be in the region of €200 million. Therefore, when this is fully rolled out in ten years time, based on today's money and the number of 750,000 at an average of €35,000, a full-year cost will be of the order of €740 million to the Exchequer per annum, which is pretty much the same as tax relief would be.