Thank you, Mr. Chair, and thank you, Minister. I wish to thank the other gentlemen for coming here today. It's a very important day for Canadians.
My critic area is pensions. I'd like to talk for a moment about the lesson that these wild market swings and their unpredictability has given Canadians. It's a lesson they can't ignore. It's very clear that retirement savings outside of public or defined benefit plans have once again vanished into thin air.
Minister, I'm sure you understand the government's new pooled pension plan does little to address the particular event risk. In fact, I would suggest it puts more of Canadians' savings into risky play than ever before.
I want to take you back to the end of the session in 2009. I asked you a question about the Canada Pension Plan. You stated at that time that you were looking at increasing the Canada Pension Plan, and it's my understanding that prior to your Kananaskis meetings, as many as six provincial finance ministers wrote to you asking you to do what Canadians clearly wanted, which was to increase their public plan. Stress on private plans due to international market turmoil has happened twice in just three years, and that has underlined for prospective pensioners and those saving for retirement what a roulette game contribution plans are.
Minister, will you remove the barriers to increasing the Canada Pension Plan? The defined benefit plan has lowest cost, it's the best saving vehicle, and it's owned by Canadians. Will you do that, sir?