Thank you.
This leads directly to my third and final point that I have for today. The government and the advocates for PRPPs have argued that the goal is to establish an arrangement that will extend workplace coverage to workers who don't currently have a pension plan. We are very concerned that there is a risk that the opposite will be the effect.
We believe that many employers will see this option of a PRPP as an alternative to their existing decent secure workplace pension coverage and see it as attractive to replace those arrangements with this less secure option. In that sense, the potential is to cannibalize those secure pension arrangements that have actually proven to be a success. We're greatly concerned about that.
I will close with the comment that there is a lot of turmoil evolving in the pension world these days, and I think we all know it. This has perhaps been underlined recently by federal government contemplation of changes to the OAS/GIS system.
We're greatly concerned about that. There are a lot of elements of our overall system that are being put into play. We'd like to see a summit called with government, labour, and the business community to discuss these issues in a holistic way.
Thank you.