Dara Calleary (Mayo, Fianna Fail)

I would draw the Deputy's attention to section 74 of the Act, which requires the investment managers to invest participants' contributions - the same people we are talking about - in the best long-term interests of the participants. We share the same thing. The function of NAERSA includes arranging for the investment of contributions. The board of NAERSA will have an oversight role in ensuring that this function, as set out in section 74, requires investment managers to invest participants' contributions in the long-term interests of the participants. That is the function. The board has a duty to make sure it is performed appropriately. I have confidence in relation to that.

My apologies, as I meant to update the Deputy. We will be bringing a memo to the Cabinet next week in relation to the fees. That will bring full clarity to the fees and will show the benefits of auto-enrolment and My Future Fund in terms of the number of people to whom we are bringing much lower fees than are available in any other space in this market. In respect of other products, we have drawn attention to that and have done a lot of work on it. We will also be bringing further regulations forward next week. In bringing attention, as has come back in the feedback, we have given many workers the information they needed to highlight this and to see they were being offered a lesser product than My Future Fund.

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