If I could use the current debate in Alberta as an example, that was a moment of truth for CPP Investments. One of our strengths and one of our inherent advantages is certainty of assets, because it's a compulsory plan. If you work in Canada in a participating province, you have to join it. Also, there are no redemptions. That means we can take on illiquidity risk, as one example.
When Alberta started this debate around maybe leaving the CPP and creating their own plan, it was a bit of a wake-up call. A province can leave and take with it millions of contributors and beneficiaries. The provinces are so critical to staying engaged and to feel part ownership, if I can use that word, in the Canada pension plan.
