Thank you for your question.
The fact is that the Canada Pension Plan already exists, and the government is trying to offer a new type of plan which would not be administered by the CPP. From our perspective, it is very clear that certain costs in a pension plan are lower when the critical mass is immense. Here we are talking about voluntary contributions, but if this plan is imposed on everyone, we are getting into a very different dynamic.
The costs we were talking about for the pension plan will not be the same as those for a voluntary plan to which people may or may not contribute, on a voluntary basis. Moreover, you are putting everything into the same bag. For our part, we really think that there will more flexibility if we let the market make an offer. Earlier, we were talking about costs. You know that in theory, setting a cost can be a good thing, just as it can be a bad one. If the cost is too low, no solid institution will want to make a good offer, and if the cost is too high, no one will be interested in offering a cost that will be lower than the threshold. So there would be no incentive to offer a lower-cost product with innovation, and so on.
For all these reasons, I think that the way in which the pension plan is administered, conceived and thought out is excellent, and that we ought to leave it alone. There are other types of savings plans. RRSPs are a very good way of saving money, just as buying a house can be. What is being proposed here is an additional option, and it is in that sense that we support it.
Moreover, concerning the pension plan, it is certain that governments, at one point or another, have a certain influence on policies that affect investment decisions. In my opinion, that is the worst thing that can happen.