Chair, thank you for that question.
I think it's a pretty straightforward answer to your question, and the straightforward answer is that I think the Canada pension plan is extremely solid, for a couple of reasons.
I think there are two sides to this: first, how, from a government and government policy point of view, both benefits and premiums are always on the radar screen and are judged very carefully; and, second—and I'd like put particular emphasis on this—the management of the Canada pension plan by the people who manage it. It is an exceptionally well-managed fund.
Having spent 11 years of my life in the fund management business in another fund—not CPPIB—I can say for that fund in particular, among all the Canadian pension funds—and they're all very good, and highly respected globally—the Canada pension plan and the investment board that manages the Canada pension plan I think are among the best in the world. I think my former place was actually there too. I can't not say that.
I think Canadians should feel extremely good about the quality of Canada's pension system. There's the CPP, the Canada pension plan itself—tell me to stop, because I don't want to take all your time—but then there are all the other elements of the infrastructure of pensions within Canada: old age security, the guaranteed income supplement, etc.
One of the strengths of public policy in Canada is the security of the social safety net for an aging population, which I think helps set the country apart on a global basis. I think it's very good.