Claire Kerrane (Roscommon-Galway, Sinn Fein)
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I thank our witnesses for coming in and for their opening statements. What has been said about the rate of relief is really important. It is not something that has been raised to date, certainly not in any major way. We will need to look at that. It is important to examine international best practice, because this is new to us.

We are unique in that an awful lot of countries have a second tier on top of the State pension, which is very important given income at retirement. Dr. Keane has probably said all that needs to be said in that regard. It is a really important point, so I thank her.

Will Dr. Keane speak a little bit more about her research on the opt-out? The ability to opt in or opt out is always really important in the context of pension schemes. The point she made regarding the opt-out is important. With regard to the fees, does she see the best option for many employees as being automatically put into a default fund, similar to the systems in the UK and US that she has cited in her opening statement, for which there is a capped management fee? As has been said, pensions are not at the top of the list of priorities for many people, particularly young people, especially in light of the current housing situation. For some, the idea that part of their salary will be taken away at this point will be difficult. For an awful lot of workers, particularly young workers, is such a default fund potentially the best option? There is lack of education and knowledge about pensions even for the unfortunately very small minority of people who would be interested in talking about or looking at pensions in the first place. I do not think that is an issue for my generation only.