—every dollar that goes in is paying 2% 25 times before it comes out. That's a third of your savings gone in fees.
As for what the British did, they have a very low fee on assets of 30 basis points. They've introduced—albeit late in the game, and everybody is upset—a 2% fee on contributions. But if you did a weighted average and you said you're putting money away for 25 years, and you'd pay 2% up front and 0.3% per year thereafter on the asset, what does that work out to as an equivalent charge per annum on the asset? It would be about 0.4%. It's nothing like 2%.