Mr. Tim Duggan:

As to My Future Fund, it was never going to be called the auto-enrolment scheme. That is just a horrible phrase. It was always going to have a brand name and it was eventually worked out in the normal way brands are developed with creative agencies and so on.

My Future Fund was chosen because, as I said in my opening statement, it reflects what it is, namely about saving for the future. It is about having a fund for your retirement and about it being yours. It is not like the State pension where you are just part of a big State apparatus, it is your fund. The money in it is yours and nobody else's. The brand is designed to reflect those principles.

Tata is a monstrous global company with in excess of 600 million employees worldwide. It is involved in all kinds of business lines. One of the companies within Tata is Tata Consultancy Services, which does business processing, IT systems, managed services and all of that kind of stuff. It does not yet have a great deal of significant contracts in the Irish public service, but it does do a similar job in the UK to the auto-enrolment job it is doing for us, where it is the managed service provider to Nest, the largest auto-enrolment provider in the UK that is operated by the British Government. It has huge experience in running systems and administrations of this type. It also has huge resources available to it to implement the system and to operate it. Tata has some 1,400 plus personnel in Letterkenny already, many of them working on the pension administration system for Nest in the UK, and it will be expanding that workforce to cater for the provision of this service.