Thank you, Chair.
First of all, I'd like to thank everybody appearing here today as a witness. My questions are addressed to the two of you who came from Watson Wyatt Worldwide.
As you know, in January the government launched a lengthy consultation to improve the legislative and regulatory framework for federally regulated private pension plans. Also, a few weeks ago our minister, Minister Flaherty, announced several reform proposals that came out of this consultation. I have three questions relating to that, and then you can use your time to see how much you can contribute towards those three questions.
First of all, can you comment on and explain your involvement in this process?
Second, in your consultation paper you also recommended that employer contribution holidays be limited. In my understanding, this was one of the recommendations that the Minister of Finance took into consideration. I would like you to expand on this, please.
Third, can you outline and comment on the other measures that the reform proposal package included?