I'm not sure which initiative you're referring to. The budget has two initiatives related to pension plans.
One initiative, which relates to private pension plans and which I believe is very important given the deteriorating condition, is further flexibility in the funding requirements for private pension plans. The budget announces the government's intention to put in place regulations to provide for the possibility of private pension plans funding their deficits over ten years rather than five, with appropriate safeguards related to information being provided to plan members and safeguards for what I've called, on various occasions, “downside protection”, because there is potentially some more risk in a longer funding period.
I have been on record for a while now indicating that the funding situation of private plans was deteriorating. The number of plans operating at a deficit has increased. I believe the situation is manageable, but it requires, as I have said, active management. Part of that active management—and I think it is a very important contribution, which I have been on record as supporting for a while—is further flexibility on a temporary basis for funding of plans' deficits. Often, further flexibility will make a difference in allowing private sector sponsors to maintain defined benefit pension plans, and I think that's to the benefit of plan members, provided there are important safeguards, which I've talked about.
This does not involve anything to do with public moneys; it is a change in the funding regulation. My understanding is that the details of that regulation are likely to be pre-published for consultation very shortly. A number of groups over the past year or two have spoken in favour of more funding flexibility.
The second initiative, which you may be referring to, is the budget initiative around the Canada Pension Plan. Really, I'm not in a very good position to speak about that in any degree of detail. The government has announced its intention to put additional moneys into the Canada Pension Plan. The office of the chief actuary, who is independent from me in his actuarial evaluations, will be involved in determining what the impact of that is on the contribution rate, for example. But this is a policy decision the federal government has made, and it's an issue officials from the Department of Finance—the Chief Actuary, if you want, at some point—can come to talk about: what the impacts may be, and the rationale.
But neither of those is putting public money into private sector plans.