As the only non-pension expert at the table, I would say yes, we do need experts to manage the plans overall, but at some point the rules have to change as well. The CPP, for example, measured up extremely well compared with all the other plans, even in a bad market. Why was that? It was largely because it was extremely large, it was conservatively managed, it was independent of political interference, and it was independent of any particular employer. Those were the crucial differences. It was not because they were facing a different market.
Those changes and those choices that are made at a professional level and at a regulatory level are extremely important. That is why we recommend a similar fund to cover the rest of the pre-retirement income. The important changes to the regulations are those that prevent employers from dipping into the overall savings, so that you prevent the contribution holidays and so on.