Mr. Speaker, the Canada pension plan is indeed very secure. The returns are great and the administrative costs are very low.
If people invest in an RRSP with a return of 3% or 3.5% every year and administrative costs of 2%, the actual return will be 1% or 1.5%. I think it is very important to realize how useful the Canada pension plan is. The plan is also very attractive because it offers defined benefits compared to private options such as RRSPs. As a result, when we retire, we will know what we are entitled to, and the income will be constant.
RRSPs and initiatives such as the government's pooled registered pension plan are defined contribution plans. People know how much they are putting in the plan, but they never know how much they will ultimately get in return, because that depends on what happens with the economy. The fact that CPP is a defined benefit plan rather than a defined contribution plan enhances its economic security.