Mr. Speaker, Canada’s private pension funds are already suffering from the unfavourable market conditions. The base interest rate is very low, which makes for negligible and even negative returns in the stock market. There are already chinks in the armour of the pension funds in which Canadians voluntarily participate, and Canadians’ pensions are already in peril.
With this kind of system, the additional influx of money would flood an already saturated market and fuel unfettered speculation. In some ways, it would create the perfect storm, which could threaten the future of our retirees.
How can my colleague justify supporting such an ominous plan for the future of our pensions and the economy in general? After all, our retirees play a major role in Canada's economy.