Mr. Declan Bolger:

I think what the Deputy has described is more like what was set out in the original straw man. I mean the original straw man would have seen that essential process in the agency and that would have been the initial link to the employees, where the employee would have registered with the central pension authority and then would have chosen one of the four pension providers, through that central processing authority. That would have been quite a minimal Bill for the central processing agency and then what one would see is that the industry providers would be responsible for collecting premiums, allocating those premiums to individual pots and managing those investments. What the Bill now proposes is that the actual CPA would collect those premiums, manage those individual pots, manage communications with policyholders, and what one would have is some investment providers that would provide services to the CPA but the individual customer and member would not choose which of those investment managers to place their investment with.