Public Accounts committee  Yes. This process will bring, I think, a different type of rigour to work that we were already doing. As I think I described earlier, we think this will much better ensure that nothing falls between the cracks. We will have formal meetings at very senior levels to make sure that we consider all these issues directly.

Public Accounts committee  Yes, and we will continue to work on it. It was something that was part of our earlier work. Again, we haven't completed it, but we continue that work. That is a very important part for us, to make sure that you don't have one generation paying for another in an unfair way. In fact, we're trying to set up the plan so that each generation pays for itself as it reaches retirement.

Public Accounts committee  Mr. Chair, thank you to the member for the question. I'll start with the second question. It's not the type of thing you can simply do once every five, 10, or 35 years to make sure the plan is working. You have to look at it on a constant basis. There's everything from the 90-day reports we get from PSPIB to look every 90 days at how the funding is working to the work we are constantly doing with the office of the chief actuary to revisit not only the assumptions we've made but whether or not there are other assumptions we haven't thought of yet that we should bring in.

Public Accounts committee  Yes, I tend to agree with you there. I would add one thing, if I may, coming back to a previous question of yours about the deficit. The last financial evaluation dates back to March 31, 2011, and in the markets, we've seen a major change for the better since then. So we are hopeful that the deficit will have improved by the next evaluation.

Public Accounts committee  I think this goes to the governance questions that were raised in the report and that we agree with fully. Over time, plans developed in different ways and there were different practices historically. It's time now that we accept what the Auditor General has recommended and improve some of the governance issues.

Public Accounts committee  In terms of the assessment that we do regarding long-term sustainability and the comparisons to others, certainly PSPIB benchmarks itself against other pension plans in Canada. When it comes to questions of longevity and turbulence, these are all very much factored in as part of the work we do with the office of the chief actuary.

Public Accounts committee  The biggest ones we look at are the ones in Canada. We certainly follow trends from around the world. It gets very difficult to compare very different plans under different sets of circumstances, but we compare closely what's going on in the rest of the country.

Public Accounts committee  The work on that will begin this year. We hope to receive approval in the next fiscal year. A lot of work has already been done in this connection. For instance, PSP Investments has a document on its risk tolerance, which we are very familiar with. In it, the chief actuary has defined a number of risk elements that he examines on a very regular basis.

Public Accounts committee  I'm working hard on managing the plan that I am managing and working with folks on that. I would say that we follow all of the required standards for reporting. I would note that the Auditor General has seen fit to give us an unqualified opinion 15 years in a row of the Public Accounts of Canada, which, to the best of my knowledge, no other major country in the world has come close to.

Public Accounts committee  I'll start with the question on the crown corporations. Some 40 crown corporations are part of our plan. So the connection in that respect is already quite strong. As for the post-2000 fund, we are precisely in the midst of planning for the next 15 to 20 years or so. My colleague Mr.

Public Accounts committee  The pre-2000 liability, I believe, is $150.1 billion. The chief actuary is nodding his head. There are contributions that have already been made against that. My colleague from the Department of Finance could talk about the specific treatment of it. Those are the total liabilities that are there today.

Public Accounts committee  One of the things the Government of Canada has done, and been a leader on, is ensuring that those liabilities are clearly understood and that they're fully stated in all our public accounts. There are no surprises there at all. My colleague from the Department of Finance could provide a little bit more detail on that front.

Public Accounts committee  The plan has been performing very well over the last 10 years. It beat the target rate considerably. The target rate, as we talked about last week, was 4.1% on an actuarial basis in real terms. It has performed at approximately 6.1% over that time period, including in one of the most significant meltdowns in the recent history of the stock market.

Public Accounts committee  From the post-2000 period, yes, they are. They are all managed by PSPIB. My colleague Mr. Valentini would be able to speak to some of the specifics there, but yes, they're all invested in the same accounts—

Public Accounts committee  Right.