When I spoke with Jeff Redden, who owns the Home Hardware in Windsor, Nova Scotia, the birthplace of hockey, I asked him if, in addition to the PRPP, which is an additional choice for him to help his employees build a retirement plan, he would be open to an optional voluntary supplemental CPP—in addition to PRPP. He thought it was quite an interesting idea, for a couple of reasons.
First, the PRPP is not a defined benefit plan, and CPP is, so in addition to that, it would help. The PRPP, by nature, doesn't protect you against market drops when you're approaching or in retirement.
Second, the CPP is very well managed, has a low fee structure and management cost, has diversification across asset class—everything from private equity and public equity and real estate to geographic diversification—and across sector.
Why aren't you, as a government, pursuing the option, in addition to the PRPP, of offering a voluntary supplemental CPP to give people like Jeff Redden of Windsor Home Hardware and his employees an opportunity to have that option?
One other benefit, Minister, would be that this other option would also help keep the PRPP fees lower, by providing some really low-cost competition that would be a very attractive investment.