Thank you, Mr. Chair.
On March 27, we introduced a portability freeze. That is regulatory-speak for the extent to which transfers can be pulled out of pension plans. We did that because of the uncertainty facing the solvency positions of those funds because of the extraordinary uncertainty in the markets. Those restrictions were a blanket restriction for colleagues looking to transfer value out, but on May 7 we updated those restrictions and provided consent to those looking to retire early; they needed that cash, subject to certain restrictions.
Again, the balance here is wanting to preserve the value and the position of the funds for the benefit of members who stay in the fund, while also allowing some targeted relief for those who are looking to withdraw.