The first point I would make is that for the legislation, the intent is clear that it needs to be low cost. Administrators are going to be licensed. They are going to be supervised, and they are going to be held accountable to make sure they deliver on the low costs, not only by regulators but also by employers, who can vote with their feet and move over to another provider if they want to.
The other point I would make is that life insurers are already delivering on the low costs with our DC plans out there. That has been demonstrated in the government's own research. Professor Jog indicated that on average, 60 to 70 basis points is what the life insurance industry manages to deliver on pension plans.