Mr. Declan Bolger:

If the State is taking on the cost of the full build of an end-to-end pension system, and if members pay 50 BPs, or 0.5% per annum, on that, it will take an awfully long time for that to recover the cost of the build. It would definitely be more expensive for the State to take on an end-to-end build, and it will be important that members do not pick up that cost if that is the way things go.