This bill was last introduced in the 41st Parliament, 1st Session, which ended in September 2013.
Jim Flaherty Conservative
This bill has received Royal Assent and is now law.
This is from the published bill.
This enactment provides a legal framework for the establishment and administration of pooled registered pension plans that will be accessible to employees and self-employed persons and that will pool the funds in members’ accounts to achieve lower costs in relation to investment management and plan administration.
All sorts of information on this bill is available at LEGISinfo, an excellent resource from the Library of Parliament. You can also read the full text of the bill.
The Acting Speaker Bruce Stanton
Before I call on the hon. member for Chambly—Borduas, I must inform him that I will have to interrupt him at 6:30 p.m., at the conclusion of today's government business.
Matthew Dubé NDP Chambly—Borduas, QC
Mr. Speaker, thank you for your kind warning.
My speech will be very similar to that of the hon. member for Pierrefonds—Dollard. The simple reason is that the public consultations that she carried out in Quebec with the hon. member for Marc-Aurèle-Fortin were also held in my riding. Many of the comments that she heard about the problems facing our seniors or those retiring soon are the same comments that I have heard. And when we think about it, this affects everyone.
I would like to use the short time that I have to talk about that and to explain why we think the measures proposed in Bill C-25 are not appropriate.
That is basically it. We are not saying that this bill is a travesty. We simply want to provide people who are going to retire or who already have retired with better tools.
What this bill is proposing is very similar to what we already have, such as RRSPs. What is more, we have been given very little information. We do not know the administrative costs associated with this plan. The employer is not required to contribute to the plan, something that is done in many other countries. The pension plans of the largest corporations require the employer to make a certain contribution. There are many problems with all this.
The NDP believes that these measures are not appropriate at this time, especially when the eligibility age for old age security is being increased from 65 to 67.
We saw with RRSPs what can happen when people are asked to invest their pensions in the stock market. That is what happened in 2008.
Many Canadians were rather fortunate compared to Americans. Nonetheless, people have been seriously affected. At the very least, we cannot downplay the importance of all this. People invested in RRSPs for 10 years and saw their investments dwindle. When it comes to retirement security, that is not the norm in a country such as ours. Members will recall the case of Nortel, where there were no provisions in place to guarantee people's pensions.
In the last minute I have left, I would like to say that in talking to people, their main complaint was that they were tired of investing in the market and not having retirement security. They said that they want to have the support of a system in which they can invest, such as old age security and the guaranteed income supplement.
The guaranteed income supplement is a very important tool. We in the NDP would like to increase the GIS. With a very small investment, we could lift most seniors living below the poverty line above that line and enable them to live in dignity. That is what the people in my riding and many other ridings told us.
We oppose this bill because it is not the right tool in the current economic situation. There are much better tools. That is what the NDP would do if it formed the government.
The Acting Speaker Bruce Stanton
The hon. member for Chambly—Borduas will have six minutes to finish his speech and another five minutes for questions and comments when the House resumes debate on the motion.
The House resumed consideration of the motion that Bill C-25, An Act relating to pooled registered pension plans and making related amendments to other Acts, be read the third time and passed, and of the motion that this question be now put.
The Speaker Andrew Scheer
Pursuant to an order made earlier today, the House will now proceed to the taking of the deferred recorded division on the previous question at the third reading stage of Bill C-25.
Call in the members.
Gordon O'Connor Conservative Carleton—Mississippi Mills, ON
Mr. Speaker, I would like you to confirm that the member for Beauce was included in the vote. He was, okay.
(The House divided on the motion, which was agreed to on the following division:)
The Speaker Andrew Scheer
I declare the motion carried.
The next question is on the motion. The hon. Chief Government Whip is rising.
Gordon O'Connor Conservative Carleton—Mississippi Mills, ON
Mr. Speaker, if you seek it I believe you will find agreement to apply the result of the previous vote to the current vote, with the Conservatives voting yes.
Some hon. members
Agreed.
Nycole Turmel NDP Hull—Aylmer, QC
Mr. Speaker, we agree to apply the vote. The NDP will be voting against the motion. I would like to add the name of the hon. member for Victoria, who has arrived.
Massimo Pacetti Liberal Saint-Léonard—Saint-Michel, QC
Mr. Speaker, the members of the Liberal Party will be voting in favour of the motion.