I believe, frankly, that they are not cognizant of what we have in this country.
Pension plans are already very strictly regulated. Valuations can be required more often than every three years if there are problems. We have pension regulators in this country in all provinces that try to make sure that pension plans are properly funded. What Mr. Thornton suggests is already being done.
The problem with insolvency is that a tsunami hits. Interest rates go crazy. Companies go out of business because their sales drop and their workforces drop. People live longer than the actuaries predicted. You will have a bankruptcy. There's no fixing this by looking in the rear-view mirror. You have to deal with the problem when the bankruptcy occurs.
Pension regulators already try to fix it. The solution Mr. Thornton has given you is a non-solution. At least Mr. Docherty mentioned a guarantee fund. That is a solution. Quarterly evaluations make no sense. It costs a fortune to have an actuary value a pension plan. They get done annually in many pension plans because the regulators order that. That's their job. That's a provincial responsibility. That's not something for this committee to do. This committee has to protect people once the bankruptcy occurs.