Thank you for the question.
We just hosted John Graham, head of the CPP, in Calgary on Tuesday. What we've said the government needs to be mindful of is respecting that the Alberta government can make the decisions it wants to proceed with. We're concerned about certainty, about portability and about the fact that this represents generational change. We look at it from the perspective that, when you have a pension plan that has generated annualized returns of 9.6% over the last 10 years, we think there would be a lot of people who would like to be able to do that, given the last 10 years of significant volatility in the markets. We have a very solid pension plan that protects Canadians from coast to coast and gives people dignity in their retirements. We don't know what the portability would look like, and from a retirement standpoint, what that would be.
Alberta is also a province where we rely on people coming from away, from the Atlantic provinces mostly, to work in our energy sector. We're definitely hearing that this is concerning.
Finally, it's an issue of certainty. We want to be a jurisdiction where we could attract capital, because we need to do that. As a country and as a province, we've relied on attracting capital for growth, and anything that causes uncertainty means that the risk premiums go up and that capital will go somewhere else. Capital goes to where it can get the best return with the least amount of resistance. Anything that causes any uncertainty, whether provincial or national, is not helpful from an investment standpoint going forward.
That's what our concerns are, and that's what we're hearing.