Mr. Speaker, I want to thank the member for her presentation, but the reality is that 12 million Canadians have no savings and no pensions whatsoever. The PRPP will not address that because it is not mandatory. The biggest problem with the bill is that those same people who are not investing now will not invest unless they are put into a position where they must invest. The other problem with the bill is that the fees are not capped.
When we made the proposition that we should increase the Canada pension plan, it was on the basis that the Canada pension plan was portable and mandatory. The cost to a person who makes $40,000 a year to double the Canada pension plan in 30 years would be $161 a year, roughly $9,000 over their working career. Where can we invest $9,000 today and look forward to having $1,800-plus per month in the future? The reality is that the PRPP fails.
Also, the government has announced that it is going to make seniors work two extra years. People on disability or welfare who looked forward to moving up when they got OAS and GIS will now have to wait two more years to have that money.