That was a very different situation, because basically they said we're going to take your money unless you stop us. Here, with auto-enrolment, we're saying we're going to allow you to put your own money into a pension account that you still own if you allow us to do it. I think that's a different context. So that would be my number one point.
By the way, in the U.S., where this auto-enrolment has been used in 401K plans for years, it's shown to be tremendously effective. It's shown that the retention rate of employees is 95% with automatic enrolment, whereas if you go the voluntary route, it's much lower than that. That's point number one.
On the question of the wholesale-retail, it isn't as simple as public versus private. For example, in our database, if you look at very large 401K plans in the U.S., they also run at one-third of 1% per year. So it's not public versus private; the big driver is scale. In other words, scale creates economies of scale, which leads to low unit cost.
The other driver is, in whose interest are the decision-makers acting? The problem with commercial vendors is they have a conflict of interest. They have their own bottom line they're trying to maximize and they're trying to do the best for the employee. I'm not saying that they totally go one way or the other, but they have this conflict.
If you create a situation where the conflict doesn't exist, in other words, where by definition and by design all decisions are made for the interest of the beneficiaries, the combination of scale and that element will drive your cost up.