Madam Speaker, I greatly appreciate the hon. member's question.
The issue of pensions is an international problem. Unfortunately, it is not exclusive to Canada. It has also arisen because of the predominant mentality of the time. First, life expectancy was much lower and pensions were funded accordingly. No one really thought that people would live to be so old and retire so young. The issue of age would create a serious change, but the problem lies in the fact that there is a shortage of money. This has been an astronomical actuarial problem. The way in which pension funds are managed will seriously need to be rethought.
I think it is a shame that instead of taking action, the Minister of Finance simply offloaded the problem onto the provinces and dithered. He was no longer sure what to do and finally he decided to launch consultations even though he has the means to take real action to help our seniors.