One of the issues—and I'll turn to my friends in the life insurance industry—is this: we haven't seen the details of an actual worked-out plan. Our concern would be that if you put in place in effect what would be a new government plan that has automatic enrolment, what are the unintended consequences that would have for the incentives of private sector companies to say, “Well, why should we have to put in place anything for our employees, we'll just opt into that”? You then get towards a monopoly situation.
Now maybe there are ways that can be corrected. Our point is that you have in place now a well-functioning third pillar. That should be the first place you should look at it.
It's going to take probably a generation, Mr. McCallum, before we could see what the outcomes of a new government plan would be, good or bad, but we can make some fixes now.