We are not in favour of a priority for pension deficits. We are in favour of helping retirees in insolvent company pension plans. If their benefit is going to be cut, traditionally the plan is wound up and annuities are bought from an insurance company, as has been alluded to.
There are mechanisms other than superpriority that we can use to improve their recovery and to get them—like the Stelco retirees—to 100% or, in an insolvency.... Air Canada has been mentioned, which was actually a great success story. Every Air Canada pensioner is getting a hundred cents of every pension dollar they were promised, because of the collaborative restructuring that took place in 2004—a file that I was deeply involved in.
There are other ways, and we are supportive of improving retirees' outcomes. These are sad stories. We all have a ton of sympathy for them, but we are very worried about throwing the baby out with the bathwater. That 9% represents 1.2 million Canadians who, if their DB plan winds up, will not have a retirement pension of the calibre they're expecting.