Mr. Speaker, some time ago the chief actuary projected that unless the federal government and the provinces did not come together to deal with escalating premiums, he projected that they would have to go to over 14 percent in order to preserve the Canada pension plan, that in fact financial chaos would ensue. As a result of that, together with the provinces—let me be very clear—the federal government put in place a plan for more funding. Yes, it will take the premiums to 9.9 p. cent. That is substantially lower than the 13 percent recommended by the Reform Party.
In the House of Commons on September 25th, 1997. See this statement in context.