I absolutely agree that the Australian experience has been very instructive, and that there are lessons to be learned from that.
The other point I would add is the excess of choice that's in the Australian fund, and the complexity that's in it as well. There are something like 20,000 funds out there. Employees get to choose where they want their contributions to go. The employer has to remit them to possibly dozens of different funds. It's a time-consuming, complex, and expensive thing.
The other thing that happens, because of too much choice, is that you sort of get paralysis on the part of the employees. I think I've seen that something like 80% of them don't actually make a choice. And then, as you quite rightly point out, they haven't worked out the default option properly.
When you take a look at the proposal in Bill C-25 for the PRPPs, they've learned from that. You've got to keep it simple. The employer chooses the PRPP. There is a finite number of investment choices within that. There is a good default option within that, and the employer remits contributions to one PRPP. So I think it's streamlined, it's simplified, it's on the right track, and we think it makes sense.