Mr. Speaker, I know the Liberals want to reduce, for example, the number of seats in the House of Commons for Newfoundland and Labrador, but the debate today is about the pooled registered pension plan.
I want to ask the member what makes the pooled registered pension plan different from the RRSPs we currently have? I ask him because group RRSPs are an available option that has not really been used. In fact, the take-up rate of RRSPs by people eligible for them is around 24%, and the amount they contribute is 6% of what they are allowed. How are PRPPs going to be different? The PRPP seems to have been put forth as a great panacea, yet it does not really solve any of the problems of people who, even now, cannot contribute to an RRSP. We obviously need a plan where there is a contribution from the employer and employee to actually make it work and provide a decent retirement income.
Would he care to comment on that? Why would we bother with this if RRSPs are already there?