Thank you, Mr. Chair
Thank you to each of you for appearing before us.
Welcome back to the committee, Mr. Wrobel. He has a long and storied history as clerk of this committee.
First of all, we support this legislation and see it as a small step forward. We don't see it as the panacea being described by the Conservatives, and we don't see it as the Antichrist being described by the New Democrats. We're Liberals. We're kind of in the centre on these issues. What we would propose that would make it a better option is if we had, in addition to the PRPP, a voluntary supplemental CPP into which Canadian employers and employees could pay. It would provide a defined benefit advantage, well managed, diversified across asset classes, across sectors, across geography.
Mr. Wrobel, you said that banks are well positioned to provide low fees. I suspect Mr. Kelly might challenge that. I do agree with you that banks are well positioned, but there's a risk today with the bank earnings under so much pressure due to a whole low interest rate environment and the spreads being so narrow that there could be some upward pressure on bank fees. Would it not help the banks, which are well positioned to provide low fees? Would it not enable them to provide even lower fees if there were a really low-fee alternative in a voluntary supplemental CPP?
I would like to ask Ms. Eng, Mr. Wrobel, and Mr. Kelly—in fact, any of you—whether or not a voluntary supplemental CPP might actually strengthen the PRPP option.