Mr. Speaker, I wish to congratulate the member for Leeds—Grenville for his fine remarks.
What concerns me is that participants would be captive customers. Imagine young people who contribute to this PRPP. They would put their money in for 40 years. It would then convert to annuities and they would be customers for another 20 years. I am worried that fees may be too high and may cut into the investment returns, especially now when returns are so low and are expected to remain low for quite a while. The legislation should say something about regulating fees. A study of the Australian program found that the fees paid to financial institutions were a significant chunk of the investment return.
Would the member support an amendment in committee to regulate the management fees that would be charged to these captive customers?