Mr. Tim Duggan:

Could I just correct one thing first, I said 600 million employees. I got really excited. I am sorry, it is 600,000-plus employees. Six hundred million would be amazing. I am sorry about that.

The fee structure will have two components. There will be a flat fee for the administration and an AMC application for the investment piece. When combined, we expect those to be less than 0.5% of assets under management. We are still working on what precisely the flat fee structure will be, but it is likely to be in the region of 50 cent to 60 cent a week per person, which would amount to approximately a cup of coffee every two months.

I cannot yet reveal the investment management charges because we have not finalised the contracts with the providers. In the RFT that we specified to the market we said they had to be less than ten basis points, which is 0.1%. All of the bids that we got significantly beat that. I can assure the committee that the AMC charge will be very low single basis points, which, when we compare with other products on the market, is a phenomenal reduction.