Thank you for the question.
Perhaps our numbers might be a little bit different, but we also see that there are some Canadians who do not have the pension coverage they would like to have. At this point in time, our recommendation would be that in addition to the excellent work that has been done by the Rotman School of Business, you should actually talk to some of the insurance companies. They are able to provide a scaled, well-managed, and arm's-length additional pension, if some changes are made to the system. We need a safe harbour for balanced risk.
We need to harmonize the 13 different pension rules systems that we have in this country, and if there were changes to the Income Tax Act, as was recommended, that allowed group RRSPs or multi-employer RRSPs, along with some smart regulation and good governance guidelines, much of what is being asked for here could in fact be delivered through private insurance companies. These insurance companies are willing to step up to this today if some of the changes could be made. So before we look at only one model, we might want to look at others as well. I would add to this that they do have the infrastructure in place today, so you wouldn't need a new organization. Competition is good to drive innovation and customer customization, and to ensure lower costs, and we can get quality, variety, and transferability through this type of initiative, whereas if we go down the government route, we tend to end up with one size fits all and a static system that is not necessarily less costly.