Pension splitting is important because it corrects one of the aspects of the tax system that was not fair. If you have two couples, one in which there's only one wage earner and the other in which the two are working, and the total family income is the same--$60,000 in one case, which just one person earns, and in the other one both spouses work and each earns $30,000--then the single wage-earner family would pay more taxes than the other family. That's to explain what splitting does.
But the new measure is just in respect to pensions. It would have been much more expensive to apply it to all income, but my view is that it should be applied to all income. It would be much more expensive, but I think it's still affordable. Fairness has no price. There's some limit, of course, because there are a lot of things that are not fair in society. But this is an area that could be simply resolved by applying splitting not only to pensions but also to salaries.