Mr. Speaker, today it is my pleasure to speak to third reading of the pooled registered pension plans legislation in front of the House. This is not my first time speaking to this bill and I am glad it is moving through the House. It could have gone a little faster than it has, but I appreciate this opportunity.
I want to talk a bit about the pension system in Canada to begin with, about the role this pooled registered pension plans act would play within that system and then about the different aspects of the pooled registered pension plan that are important and why I think everybody in the House should support it.
I will first talk about pension plan retirement savings for Canadians overall. There are a number of vehicles that already exist. There are company pensions and, as many of us know, only about 40% of Canadians have a company pension plan that they can rely on and that they and their company pay into. They vary from company to company to what level they are contributing, but that is part of the pension savings program that many working Canadians have.
Of course there is CPP, which I will come back to later in my dissertation this morning. CPP is a pension plan that—