Mr. Robert Nicholson:

The capital guarantees issue is a difficult one because they are expensive. The nature of a defined contribution system is that the outcome depends on the moneys put in, the investment growth, or loss, and any charges taken away from it. If capital guarantees are considered as part of any system, it limits the capacity for more positive outcomes for some and may reduce the negative outcomes for others. It is a design criteria on which a position would be needed to be taken.