Finance committee  I think what may be the concern you are getting at is that the decision point that is now being made by the superintendent wouldn't happen, while it would. The superintendent would still have to make a recommendation, based on her prudential assessment in favour of the transaction.

Finance committee  The general practice is that the superintendent reviews the proposed transaction and sends a recommendation in writing to the minister. We, the department members, attach our recommendation to the superintendent's. Lastly, the minister approves or does not approve the transaction.

Finance committee  It's in the broad sense. It's the same wording that's currently in the Pension Act and it's consistent with what's in the Charter.

Finance committee  Yes.

Finance committee  Yes. For the opting out up front, they don't have to justify why; they can just opt out.

Finance committee  “Full-time” is not defined the same way by every employer. We're using language here that allows for different employers to define it.

Finance committee  It's already in the Pension Act. It's a wording that has already been accepted and applied in practice. We didn't reinvent the wheel here.

Finance committee  That's not the purpose of the regulations that are going to be presented. They will be subject to the normal regulatory process. The public will have the opportunity to comment on the regulations and see what the actual content is before they are adopted in their final form. Everyone will be able to do so.

Finance committee  That is the normal parliamentary process.

Finance committee  Let me be clear. Absent any regulations, the prohibitions are clear, definitive, and without exception.

Finance committee  Exactly. So it's not as though there is a gap pending regulations.

Finance committee  It's paragraph 76(1)(i) and which one?

Finance committee  The prohibition is intended to guard against a situation in which an employer might get a benefit from choosing a plan administrator. We're trying to ensure that employers make choices to the benefit of their employees and not to their own benefit. However, there can be situations in which inducements that are offered are beneficial to all parties, including the plan members.

Finance committee  Thank you, Mr. Chair.

Finance committee  The potential is there for the costs of the pooled registered plans that we're proposing to be very competitive with the Canada pension plan. Obviously we'll see what happens over time. But the incentives are there and the requirements will also be there for the costs to be reasonable.