Madam Speaker, I want to comment briefly on a couple of the points raised by the hon. member.
The finance committee considered a number of amendments, but the member will well know that amendments dealt with in committee can also be dealt with in the House, so many of the amendments of substance are coming forward at report stage. The member will also know that amendments are being proposed which the government is supporting.
I want to make sure members understand a couple of the points the member raised. He indicated that the funding would move to fuller funding, from two years of reserve up to five years, to accumulate a fund which can be used by the CPP investment board. The disagreement in this regard has to do with the application of those funds. I understand the member and the NDP would like to have these funds directed at certain programs for economic stimulus and the like.
We cannot lose sight of the purpose of the investment board. We are talking about the Canada pension plan. Its objective is to provide a safe and secure indexed pension for Canadians and to keep the rate of the CPP as low as possible.
The objectives have been ratified as a result of public consultation. They have been agreed upon with the majority of the provinces, at least two-thirds of the provinces representing two-thirds of the population of Canada.
The issue of where moneys could be invested did come up. There was a strong consensus, certainly in the consultation, that the funds should not be used for other purposes, for other government objectives such as regional economic development or something like that.
If the fund is invested according to prudent investment practices, it will earn a better return than it is getting now. As a result the rates of premium will be kept at a lower rate than they otherwise would be.
It was very clear from all experts that came before us that we should not compromise the principal objective of the Canada pension plan with regard to either other ancillary benefits or with regard to other government social or economic objectives. We had to make it clear that the CPP was there to ensure Canadians had a cost effective, reliable and sustainable Canada pension plan.
The member is also well aware of the 20% foreign investment rule. He is quite correct in his reference to the minister. The minister, the finance department and the government are looking at all issues concerning income taxation. We know the principles of the 20% rule apply to all pension plans and to RRSPs. They apply also to the Canada pension plan.
The consistency will remain but will always continue to be held under review to ensure the best possible arrangements are available not only to the Canada pension plan but to all Canadians.