Madam Speaker, there is a two-fold risk to having our money in a vehicle in which we must actually make the decisions about how to invest it and, at the end, about how to take it out of the plan.
We are at a situation right now in Canada where the stock market has not performed the way it did in the 1980s and 1990s. It has certainly not been the pillar that it ought to have been. People did wake up one day and discovered that their portfolios were worth sometimes as much as 50% less. Add to that the fact that interest rates are at historic lows in our country. When we take that money out, we get nothing in return. Now when people go to one of these friendly insurance companies to buy an annuity, they discover that they are lucky if they get $600 a month or $500 a month. Ten or fifteen years ago, when interest rates were at 5% and 6%, for $100,000 they could get $1,200 a month.
Those two things are combining together to make that kind of pension plan a disaster for persons who wish to retire.