CPP has a very large scale, $150 billion in the fund, millions of members in the plan. That's the basis on which, combined with professional management, sound governance, and public administration, there is an ability to keep costs low.
With PRPPs we really don't know what we're in for. The more providers you get, the more dilution of economies of scale you're going to find. We don't know about the range of investment options that will be offered. There may be a default fund and then a whole series of other funds made available. The more choice, the higher the cost is likely to go.
There's a question about the transparency of those costs and whether they will be revealed or hidden in the process. We have a whole series of questions about the ability of the system as it's defined in the legislation to keep costs low.