Donnchadh Ó Laoghaire (Cork South Central, Sinn Fein) | Oireachtas source

There are a couple of points. I am talking about section 68, which is titled "Investment Management Providers". Section 68(1) states that "The Authority shall appoint a person or persons to provide investment management services for the purposes of this [Act]." While it does subcontract with private industry, which is no secret, the NTMA has clear desired outcomes in mind. It has clear things in which it does not wish to invest and has clear strategies in this regard.

Also, the Minister stated that the pension industry is not getting any money. No one is suggesting that it is getting the contributions or that it is benefiting directly from the State or that the top-up is going into the pocket of private industry. However, it stands to reason that the fees that will necessarily be charged, and obviously must be charged as they are contracted by NAERSA, surely will be much the greater for each individual account than would be an accumulated amount from managing a fund as a whole. There is a lot more labour involved in that and more potential benefit for the industry in that regard. It also gives the industry a heft in terms of the State's top-up. It will now be responsible for large amounts of money that it can invest perhaps in areas that it might previously have been reluctant to do.