Mr. Chair, based on our examination and review, the private pension plans and defined benefit pension plans under our jurisdiction have performed well relative to the recent conditions. Solvency rates clearly have come under pressure, but there is nothing unexpected in that regard.
Our supervisory work remains focused on examining the sensitivity of the solvency positions to different scenarios, possibly including interest rates, and asset values more broadly. That work continues, and again, it is used to inform a broader assessment and a potential set of actions as we look into the future. Our focus very much remains on protecting the rights and interests of pension plan beneficiaries.