Thank you, Mr. Lazar.
Mr. Swedlove, it's good to see you again in front of our committee.
You mentioned that the PRPP approach provides the advantage of lower costs in terms of managed funds. I agree with that. As a principle, I generally support measures that increase choice and security for investors and that reduce fees.
The Canada Pension Plan has a very low administration cost associated with it. It's geographically and sectorally diversified. It's diversified across asset classes, with everything from private equity and public markets to real estate and infrastructure. In addition to the PRPP proposal, would you be averse to enabling Canadians, on a voluntary basis, to invest in a supplementary Canada Pension Plan? It would seem consistent with your proposal.