Exactly.
Furthermore, you must remember that the Canada Pension Plan and the Quebec Pension Plan were topped up. They went from a 25% replacement rate to about 33%. That is a good thing, but the problem is that people contribute more. They therefore earn less on their paycheque. Now, because of the fact that Old Age Security is indexed to the Consumer Price Index, the federal government’s share of benefits for the income replacement rate is going down. Generally speaking, future workers will therefore contribute more to have basically the same income replacement rate. That means a replacement rate of about 40% for both payments combined.