I agree with Mr. Laver that Parliament has already done a lot, and most provincial jurisdictions are also embarking on very substantial pension reform. In my view, that's the way to go about it, to make sure that the ongoing pension system can address these problems, to make sure that deficits would perhaps not get out of hand.
There are reforms being proposed, for example, in some of the provinces whereby amendments could not be made if those amendments would increase the liabilities while the plan is in a deficit. Before, an employer could amend its pension plan, promise more benefits—perhaps trying to get something out of collective bargaining—even though the plan was already in deficit and this would only increase the deficit.
In my view, the way to go about this is through the steps that are already being taken, not only on the federal level but also at the provincial level, to strengthen the pension system we have.
The concerns we have about this bill are the unintended consequences. I don't think anybody would disagree that the idea of protecting pensions is a noble goal. It's the unintended consequences of this particular bill that cause concern.