The answer is yes, but there is already a simplified plan in Quebec. I am thinking of federally regulated organizations. However, this is true for all of Canada.
It could be beneficial for Quebec if we reach the necessary critical mass. That is why when we staked out our position, we also talked about harmonization between the provinces.
Financial institutions may offer PRPPs. Financial institutions, if they can offer them throughout Canada, will be able to reach a critical mass, which will lower their costs and allow them to offer a product that will be more interesting not only for the financial institution, but also for the employer and employee. In our opinion, this is an excellent opportunity.
All of this discussion has to come to an end. Canada's system is a good one. Not everyone has problems. One group is experiencing problems: that is the group whose salary falls between low wages and average ones. Those with very low salaries are well protected in Canada. People with average salaries and more are also very well protected. Whenever I hear a debate on the CPP or the Quebec Pension Plan, I always get the shivers. I feel that the intent is to impose a contribution on everyone to solve a particular problem that only affects one group. I think we have a very good system, one which can still be improved upon.
We are proposing to allow those who cannot provide pension plans—because they are too complicated, too costly or too complex—to have access to a new plan with the necessary critical mass to make it more affordable. Basically, we will be able to offer an option that will help people to put aside some of the savings that they need.
Wanting to impose that on everyone seems problematic to me. Let's take the example of a young couple who has small children and wants to obtain a mortgage. It is as though we were telling them that it is not important to pay their mortgage or their tuition fees, and that we want them to start to pay more into their pension fund right now. There has to be flexibility. Each household, each person must be able to make the investments they need to make according to their lifestyle and needs. People need to be educated on this topic.
The important thing is that the more access there is through employers—such as with this product—the more possibilities there are that are affordable, and the more people are made aware of savings opportunities, the better it will be. Moreover, the fact that people will be automatically registered and must opt out if they do not want to belong to the plan is excellent. It has been shown that with that system, a large percentage of people will decide to remain in the plan. To my mind, this is an excellent solution. It does not meet all of the needs out there, but it is one solution, and it is well targeted.