Thank you, Mr. Chair.
And a belated happy birthday to the minister. I enjoy any opportunity I can get to centre you out a bit.
I'm also pleased to hear the minister talk about OECD. The OECD recently reported that the OAS system in Canada is fully sustainable, and I'd like to see that quote coming from the government from time to time.
Like the minister, I toured the country over two summers, with 40 community meetings, and I never once had anybody say they would like another vehicle that exposes their pension savings to market fluctuations. We already have that with RRSPs.
Specifically, when we consider the legal and financial risks associated with defined benefit pensions, employers who will receive, as they see it, additional savings in the PRPP administration fees because they'll be paid by the employee.... In effect, I believe this legislation has created a powerful incentive for employers to potentially want to shift their existing pension plans, whether they be defined contributions, defined benefit, or even group RRSPs, to PRPPs.
I'm concerned, and I'm sure Canadians will be concerned. For those who have a defined benefit workplace pension now, this will in a sense undermine the security they have going forward.
I'd like the minister's comments.