Thank you for your question.
On the last part of your question, I want to point out that this revision will not change the amounts people will receive. The discount rates were revised to give a more accurate picture of liabilities. It shows what it will cost us today and what our liabilities are for projected spending.
People will receive the pension they are owed, but the amounts will be paid out over the next 10, 20 and 30 years. In the financial statements, we have to discount those amounts to indicate their value as accurately as possible. That is why we undertook this exercise, further to the recommendations from the auditor general, who pointed out that the rates we were using were at the higher end of acceptable rates. As a result, the higher the rate, the lower the liabilities. We wanted to make sure our liabilities were correctly assessed and were not underestimated.
We looked at the various accounting principles and standards that we had to follow, and the best practices of other governments in Canada and abroad. We arrived at an analysis that led us to change our methodology to make it much more realistic with respect to our borrowing rate. That is the part of pensions that is unfunded.