You ask a lot in your question.
With respect to the uncertainty of businesses and the impact that this has on their pace of investments, a box on pages 30 and 31 of the report shows the results of a Bank of Canada investigation. To some extent, the news is good. Indications are that the current situation is not so much about international uncertainty. This is not the case in Europe. The fiscal cliff in the United States is not a reason either. This was however, the case last summer. This is all good news. Furthermore, this is not about concerns with the Canadian financial system. Access to credit is not an issue.
The bad news is that this demonstrates uncertainty with respect to both Canadian and international demand. So once again you need an acceleration with respect to Canadian and American consumer demand. Banks are expecting this to occur.
As for the pension fund issue, this is in fact a difficult situation for them and this is caused by reduced interest rates everywhere in the world. To a certain extent, this is offset by an increase in other financial assets.