Thank you, Mr. Chair.
I would like to start with PMAC. Thank you for your presentation here today.
I certainly understand the importance, and I think things like target date funds are a really welcome innovation. Getting people to simply put money away for retirement in a balanced risk approach, based on their age, I think is a very smart strategy.
However, like any proposition, there are always going to be additional costs, and people might be critical. I think it is important to always listen to many different voices. If a prospectus-exempt pooled fund decided to start out with a particular asset allocation, why should we allow them to merge with these other ones and not pay their taxes at that point? Why throw in these exemptions?
What would you say to someone who raised that point?