Madam Chair, we all know that the old age security, GIS and CPP combined only replace about 30% of a senior's income. That leaves about 70% uncovered, which means, of course, that a lot of seniors are struggling and in the future it will get much more difficult.
The other plan that was supposed to help was the RRSP. Unfortunately, we all know that the RRSPs are really not working in our country. I think the average contribution to RRSPs is about $1,000 or $2,000 a year. Only about 10% of Canadians actually max out their RRSP limit, and that is only Canadians who are fortunate enough to have quite a high income. On top of that, we have to add in the fact that private pensions or company pensions are diminishing, while some of them are defaulting, which is a whole other issue. There is a lot of instability and a lot of problems.
I wonder if the hon. member could tell us what direction we really need to be going in to ensure Canadians have some stability in their pensions in the future.