Mr. Ciar?n Nugent:

I have one last point. The elephant in the room when speaking about adequacy is the cost of living. More older people who do not own a home will be hitting the pension age. Obviously, the adequacy levels that will be needed for them will be higher. We are also talking about childbirth issues. That is clearly a housing issue. People are stuck at home and financially unable to take the steps that generations before them have taken. One of those steps is having children.

I know we are talking about benchmarking and euros but, on the costs side, the pressures are not the same. The living wage estimate is driven by increasing housing costs. I am sure it is not a surprise to anybody here, but that is the big elephant in the room in that conversation.