Ms Jacqueline Thornton:

We see problems with a few bits of it. The main problem we have is the element around flexibility because it does not allow for individuals to make their own decisions over and above the contribution levels.

With regard to a central processing agency, CPA, we are looking at a State-run body, which would carry all the liabilities of a pension provider with those decisions around the operational risk, the market risk, and the insolvency risk. They would also be regulated as a pension provider.