Mr. Declan Bolger:

I will take the initial question and then pass on to Mr. O'Shaughnessy and Ms. Kelly. In terms of the change from the original straw man, we provided our submissions on the straw man, but we would not have been involved in the decision-making process between then and now so we do not have any particular insight into why those changes occurred.

There are some quite fundamental changes. The initial straw man had a State role and the State as the initial contact point for the pension member. The State also had a role in advising what options were available. We have seen quite a considerable change. The size of the build the State is now taking on is effectively much larger than what was proposed under the straw man. The straw man would have used the existing pensions infrastructure that has been built up over decades in Ireland to do the core premium collection, the allocation to pots, the measurement of value, and the communication and advice to members, whereas now the State is taking on that build itself. The straw man also had increased flexibility within it, and the normal governance that applies to occupational pensions would have automatically applied.

I will ask Mr. O'Shaughnessy to talk through some of the international comparisons.