Mr. Dermot Nolan:

I was not around in 1999. It was set up as a defined pension scheme because I suppose it was perceived as equivalent to the general public service and, in particular, the Civil Service defined benefit pension schemes. The Act specifically provides that we must have our own pension scheme and it is defined benefit. I am not very helpful as to why it was not done because I was not there but it was certainly done in 1999.