Thank you, Mr. Chair.
Thank you, dear members. You are most kind.
I believe that it goes without saying that all our witnesses and committee members are primarily concerned with companies and their ability to operate properly. It's easy for us to say that we're favourable to maintaining jobs in the companies and respecting mutual commitments toward current and retired employees, as far as pension funds go.
However, the reality of the matter may be different. The Nortel situation is a good example. Mr. Farrell clearly stated that this was the worst-case scenario when it comes to pension funds, among other things, and even when it comes to company management and how the company came to an end.
Now, we are discussing a bill whose objective is to help retirees retain their pension fund. However, it appears that the business and finance community sees things differently and, according to its basic principles, pension fund retention is not a likely outcome if the bill passes.
Mr. Robertson and Mr. Lopez, you say that, had Bill C-501 been in force, the companies would no longer exist, but pension funds would have been retained. You also say that, without this bill, meaning as things currently stand, the company is still alive and can become increasingly healthy. The idea is that, once the economic situation improves, the business situation will improve as well, and pension funds will also be retained at 100%.
As for the deficit, will it be absorbed by all the pensioners, on the one hand, and future pensioners, on the other hand, who have retained their pension fund, in your case?