Mr. Speaker, I thank my colleague for his question. There are a range of registered savings plans available. Unfortunately, companies do not use them very much. This will essentially be an additional plan being made available, but there are already numerous plans and they do not help Canadians to contribute to a pension plan.
We think the solution is to increase Canada pension plan and Quebec pension plan benefits. That would cover all Canadians, who could contribute more and benefit more from it. These plans already exist; they are defined benefit or defined contribution plans. People know what they will be getting when they retire and so that tool, which already exists, makes it is easier to plan for retirement.