My name is Gerald—Gerry, please—Jennings. I'm here representing the National Association of Federal Retirees, and I'll get right at it.
Canadian seniors are living longer than ever before and are on course to reach 25% of Canada's population by 2030. Defined pension benefits are the most effective means of achieving retirement income security. Retirees with defined pension plans are less likely to rely on government assistance, such as guaranteed income supplements.
A barrier to retirement security is House of Commons Bill C-27, an act to amend the Pension Benefits Standards Act, 1985. Bill C-27 will enable defined benefit pension plans to be replaced by targeted benefit plans. Defined benefit pension plans invest in Canadian equities, real estate and infrastructure such as railways, bridges, airports, utilities and pipelines. Pension funds are uniquely poised to invest in Canada and Canada's Infrastructure Bank.
The National Association of Federal Retirees asks the government to withdraw Bill C-27 to ensure that Canadian retirees continue to contribute to our economy and economic growth and not become a burden upon it.