Mr. Speaker, in my riding, hundreds of Stadacona plant workers have, for the most part, lost $100,000 or more of their pensions as a result of the losses sustained by their private pension fund. This means that their retirement pensions could be cut in half. It is a real tragedy.
I am amazed by the government's failure to consider the risks arising from the proliferation of registered pension plans, given that a large number of them are already experiencing difficulties. The other thing that is absolutely absurd is the refusal to increase contributions to the Canada pension plan on the pretext that it would be too onerous for our workers, businesses and communities. And yet, we will have to find the money to contribute to the registered pension plans.
I will draw a parallel with the mainly private health insurance system in the United States. Private insurance companies now have such high premiums, because of the supposed competition, that even large businesses are finding it impossible to provide health coverage for their workers.
How can my colleague guarantee that Canadian pension funds will not go down the same slippery slope?