I believe there is far too much volatility within the pension funding rules today. The objective of the pension funding rules is to secure the liabilities that need to be paid out in the future to pension fund members, to retirees. More specifically, the mechanism that's used to do that is the discount rate. Recognizing the very long-term payout of pension obligations over the future, the discount rate today creates a lot of volatility. It creates volatility because it is based on a measurement of Government of Canada benchmark rates at a specific time. Today, that measurement results in a negative bias. If you look at where interest rates have traditionally been, interest rates in today's environment are historically low.
We're overvaluing pension liabilities. At other times in the cycle, we would be understating pension liabilities. One of the recommendations we have is to smooth the discount rate over time, the way assets are smoothed.