Thank you.
Just as a clarification, we don't suggest that the reserve fund should be 10%. The 10% is a limit that's put on right now in the Income Tax Act. What we like about the Quebec legislation--and the pension fund I represent is regulated federally, so it doesn't apply to us---is that we feel the Province of Quebec has taken real leadership in proposing a pension regime that balances the requirements of the sponsors and the pensioners. So the sponsors don't want to have huge surpluses that they cannot utilize; the pensioners don't want deficits.
So what the Quebec plan is proposing is this reserve fund concept, where the money is set aside and will be available; however, in the short-term it can be on the books as an asset for the company. They can't use it but at least they can declare it as an asset. We think that really balances the needs of both sides.
If you look at the Quebec legislation, in almost everything they're proposing that's the case. For example, up until the most recent budget, under the federal law, the PBSA, a company that went into deficit on a solvency basis was given five years to repay that or to make it up. Temporary regulations have been proposed that will allow sponsors ten years. In Quebec they flirted with the ten-year rule, but in the legislation they're now proposing it's back to five. They've recognized that ten is too long. So we again applaud them for saying that's not the way to go, you want fewer years.
So they are, I think, of all the provinces...the only other province that is looking at their pension legislation in a very responsible way is the Province of Alberta. They are also playing a leadership role. It's sad to say the Province of Ontario is not. They're going the wrong way, as far as we're concerned.