Mr. Speaker, the parliamentary secretary has thoroughly covered the report stage motions in Group No. 1. I would like to add a couple of notes for the benefit of all members.
As members know, the chief actuary in his 15th report, his last report, let it be known that the Canada pension plan would not be sustainable past the year 2015 unless certain changes were made. That is one of the reasons we are here today.
As a result of that report and as a result of the prescribed reviews of the Canada pension plan, discussion documents were prepared. Extensive cross Canada consultations were held with all vested interests, with seniors, women, labour, corporations and everyone who wanted to appear before the panel, who sought input into changes or options that could be made with regard to the Canada pension plan.
Canadians should be assured that these changes which have come before the House on Bill C-2 are as a result of exhaustive consultation with Canadians across Canada.
By law any change to the Canada pension plan requires the approval of at least two-thirds of the provinces representing not less than two-thirds of the population of the country. All of the proposed changes which are coming forward in Bill C-2 have received the requisite support from the provinces. Canadians should be assured that this is clearly as a result of extensive consultation and has the full support of the majority of the provinces of Canada.
It is also important to assure all members, particularly today's seniors who are current beneficiaries of the CPP and any other Canadians who receive other benefits such as disability benefits, that their current benefits will not be affected by the changes being considered by the House under Bill C-2. It bears repeating that seniors should be assured that their current benefits under the Canada pension plan will not be affected.
The parliamentary secretary dealt with many of these points. I will simply move on and repeat that the benefits as a result of these changes under the CPP will continue to be secure. They will continue to be guaranteed. They will continue to be indexed so that all Canadians can enjoy the benefits of the Canada pension plan for generations to come. That is the reason we are here.
Finally, with regard to the Canada pension plan investment board, members should know that one of the features of the current plan is that funds accumulated by the plan have been invested in provincial bonds at federal rates. To ensure that Canadians get the lowest possible rates of premium to pay into the plan, one of the big changes being proposed is the creation of the Canada pension plan investment board, a board selected in consultation with the provinces. Its members are experts in investment. The board will ensure that the funds received by the Canada pension plan will be invested as wisely as possible to earn the optimal return for the benefit of all Canadians.
Canadians should be assured that the changes being made here respond to the concerns raised by the chief actuary and respond to the needs of all Canadians that the Canada pension plan system will be there for generations to come.