Good afternoon.
In terms of enhancements to the Canada Pension Plan and Quebec Pension Plan, I just want to point out that there is currently a very significant intergenerational transfer. Indeed, young people are paying almost 200% of the value of the benefits they will receive. Often we don't question certain social principles established over the years—for example, the fact that benefits were paid out when the QPP was first set up, or paid to people already close to retirement. Those individuals contributed less to the plan, and contribution rates were much lower. In many cases, their contributions represented only half of the value of the pension they were ultimately going to receive through the Quebec Pension Plan.
We have noted that, over time, there have been different contribution levels for the same benefits. We believe the social consensus around the QPP is still fairly fragile, because young people are contributing a lot more, considering what they will be receiving. We think it would be difficult to make additional enhancements to the plan. It could be done prospectively, but past experience has shown that, as soon as you improve the plan, it becomes very difficult not to include other individuals who have contributed—in other words, not to retroactively improve benefits for people covered by the plan. In our opinion, there are significant intergenerational transfers. Tackling the third pillar might be easier and fairer. There would be no need to question the many social principles that have been established over the years, from one generation to the next.