Madam Speaker, what was just expressed by my colleague from the other side is a complete fallacy.
Of course the pooled pension plan would have fees. Administrators would charge a fee for administrating, but the law would set the level of those administrative fees, which could be much cheaper in a pooled system than individuals see through the RRSP system that we have now. Therefore, we would have some say.
I have no problem with organizations providing a tool for retirement. They are providing the service of administration, and taking that administrative burden off employers. Employers do not have pension plans, defined or otherwise, or DC plans, because of the costs and liabilities that go with them. This is an opportunity to remove that liability, to provide an opportunity for employees to have a savings program at a lower cost because it is pooled across a larger number. If the organization, whether it is a bank or a life insurance company, charged an administrative fee, it would be allowed to do so. Those administration fees would be reviewed and controlled by this legislation.