There are different situations. You're right, the demographic factor is important in explaining why QPP is not doing as well as CPP, in terms of the long-term projections. That's an important factor. I don't think the main factor is la caisse versus the CPP Investment Board. I don't think that's the reason why the QPP faces greater challenges in the long run. That's not the main explanation. I think the demographic issue is at stake.
Of course, when the two programs were created in the mid-1960s it was a different situation; the demographics in Quebec were very favourable. They started to decline after that in an important way.
Is the parallelism sustainable? I think it's possible. There are different issues here regarding QPP. There are some differences between the programs regarding disability benefits and survivor benefits, so some changes in that area could help the QPP stay afloat in the long run.