Madam Speaker, I want to thank my colleague from London—Fanshawe for articulating what really is wrong with pooled registered pension plans.
When clearly there is unlimited room in an RRSP for most folks, why does the government want to duplicate it? It is just the same plan all over again, only with a different fee structure; it looks fancy and has a nice name. It would let workers think that somehow magic will happen.
The reality is that if people do not have money for an RRSP, they will not have money for a pooled registered pension plan. The government would argue that it can come off at source and therefore the tax is lower, but people can do the same thing with an RRSP.
Does my colleague from London—Fanshawe think the government is headed in the wrong direction and is really handing out a fairy tale to workers across this country that somehow this plan would help them in their retirement years?