Madam Speaker, the Reform Party does not tell Canadians that on top of the 10% contribution rate that Chileans pay, they must pay another 3% points for administration fees and other benefits. Reformers also do not tell Canadians that a private pension system such as Chile's has a much higher cost than public pensions.
Investment costs will be much lower under CPP, one-tenth of one per cent compared to two per cent for RRSPs. That is the real issue.
The other one that really concerns me the most about this is that they do not tell present day seniors in Canada, if they were to wrap up our pension plan how they would deal with the millions of people who are already on pensions. I think we have a right to know that before they go any further.
As I said, Chile is the worst example could use. There is not one solid G-7 country that would even consider this plan, never mind Canada.