Thank you, Mr. Chair.
The actuarial report provides a number of scenarios. Stocks can generate additional returns, but they're volatile. Different scenarios show that, to the extent that future asset class correlations are consistent with what we've seen in the past, there could be a negative return of 10%, for example, once in 10 years, but there could also be a positive return of 22.6% another year.
Our assumption as far as achieving a real rate of return of 4.1% is consistent with Canada's top ten pension funds, including the Ontario Teachers' Pension Plan and Quebec's Government and Public Employees Retirement Plan, known as RREGOP.
What's more, as the Auditor General mentions in his report, current interest rates are quite low. We take that into account, such that, over the next 5 or 10 years, we aren't projecting 4.1%, but rather 3.3%, which is even lower. So we recognize that interest rates are low and that our assumptions could be more difficult to achieve in terms of capital markets. That could, however, also lead to an increase in liabilities. Obviously, if you compare 3.3% with 6.1% and PSP Investments continues to see good returns, the deficit will disappear much more quickly.