Mr. Speaker, I would like to thank my hon. colleague for her speech.
However, I want to make it clear that this product will merely encourage people to save; it will not guarantee anyone's retirement income.
My colleague said that people can invest in these pension plans, but consider TFSAs, which are a similar product to help people save tax-free. Only 41% of Canadians have a TFSA, and nearly half of them earn $100,000 or more per year. Only 24% of those surveyed said they are using their TFSA to save for retirement. The product envisaged in Bill C-25 is the same as an existing retirement product.
Why does my colleague say that people will invest more if they are not required to, even though he knows that people who do not have money do not invest for their retirement?