moved for leave to introduce Bill C-376, an act to provide defined contribution pensions for the public service, the Canadian forces and the Royal Canadian Mounted Police, to be managed and invested by a private sector manager, and to amend the Income Tax Act and certain other acts in consequence thereof.
Mr. Speaker, briefly the bill I have introduced will replace the public service, the RCMP and the Canadian forces pension plan by allowing it to put real money into a real pension account, managed by a professional manager at arm's length from the government.
This would mean that rather than deductions being taken from your pay and put into the general revenue account matched by a fictitious paper transaction, there would be real money in a real account. The best equivalent I can think of is the Ontario teachers pension plan which as we know is very healthy and well managed.
The people involved would have the choice of who manages the plan. They would have the option, if necessary, of contributing a little more, although the government is not obligated for more. I think this would put our pension plan on firm footing and take the taxpayer out of the game of supporting it.
(Motions deemed adopted, bill read the first time and printed.)