Mr. Speaker, the plan is special for one particular reason, which those members seem to miss. If a business belongs to a pooled registered plan, employees are required to opt out if they do not want to be part of the plan. I do not want to use the word “force“, but it requires them to participate. An employee has to opt out.
First, individuals who have not been thinking about their retirement may not go to a bank and invest in an RRSP. Second, the RRSP system is very expensive. Canada has one of the highest cost RRSP systems of any nation in the world. However, with a large pooled system, the costs can be lowered, which will add to the pension amounts people will be able to collect after they retire. That is why having a pooled system is better than individuals doing it on their own.