Dara Calleary (Mayo, Fianna Fail)

Consolidated, yes. I am sorry, I thought he said "comodulated" and I was trying to work out what it was. Pooling of funds is provided for in the Act. The investment funds for AE contributions are going to operate on - this is another phrase for the Deputy - a composite pooled fund approach. That means contributions are all pooled and allocated to relevant funds. Each participant's contribution carries the same level of risk as other members of that fund. The investment returns will also be pooled. It applies to all participants in a particular fund and the fund is ideally going to be high risk, low risk and medium risk and that sometimes will align with the age of the person involved and the length of time they are going to be involved in My Future Fund. Those returns will receive the same average rate of return in accordance with the amount of contributions a participant has made. A lot of work has gone on in relation to the investment strategy. A lot of work is going on as we speak on the investment providers and how they engage with that. It is going to be a big focus of NAERSA.