Yes, thank you.
A universal pension plan that is an increase in the CPP, as one example, and is fully paid out, in the current state of affairs, to get people 70% of their pre-retirement income if we cover a higher percentage of the income, would cost somewhere in the neighbourhood of 19% for both--that is, 9% and 10% for employer and employee.
That is actually a better number than that calculated for the teachers. The reason is that a large, widespread fund would have, of course, many more contributors, particularly if were a mandatory scheme. The ultimate goal would be to provide 70% of pre-retirement income coverage--up to about $160,000--of one's salary. You have to factor in a number of those elements before you can actually arrive at what your contribution rate would be, but that would be the amount approximately.
We are assisted on our team by a volunteer named Bernard Dussault. He's the former chief actuary of the CPP, so I have absolute reliance on his numbers. He tells me that had we done this the right way originally, it would have cost 15%, shared between employer and employee.