The piece I struggle with in regard to that argument—about the fact that $18 per month may not be a big deal to put into a CPP premium increase—is that it would probably be about the same amount of money whether you're putting that into a PRPP or into the CPP. If a PRPP is unaffordable, how is a CPP premium increase affordable? The employee gets hit with that, as does the employer through a mandatory payroll tax.
The piece that is best about this piece of legislation is that it is voluntary and that it has potentially lower costs. The financial services industry could screw this up—and my apologies to one of the two CBAs sitting next to me—if the financial services industry views this as a cash cow, and keeps management fees at the same levels as the RSP management fees and some of the other tools it goes on. We'll have no better luck with a PRPP than we do with some of the other tools that are out there right now. Low cost is very important.
If that is the case, if we can keep this voluntary and we can keep it low cost, we see this as a far better option to a CPP premium increase. I'll repeat this again. To the employee, putting aside money into CPP or whatever or into a CPP premium increase is deferring your compensation today for benefit in the future. To an employer, it's a payroll tax increase, and that's what we're struggling with.