Ms Patricia Murphy:

I will respond to the questions in order. With regard to the difference in price between the occupational schemes and individual arrangements, the cost is split in occupational schemes between employers and individual members. What comes through from the findings is that individual arrangements are more expensive. Some of that can relate to scale because one of the key findings of the report is that the bigger the employer, the lower the cost. For an individual, costs will be higher.

With regard to transparency, and the question of how an individual can find out if he or she is paying too much, it is quite difficult. Asking questions of the adviser is critical. The report wanted to set out the facts in this area and to present information. We used a reduction in yield to quantify costs. Someone dealing with the scheme can ask about the reduction in yield in respect of the arrangement the person is in and can then make a comparison in terms of how they fare on the variability of charges that apply.