Madam Speaker, if I have it right, the question is whether it would be better for a person to put the money he or she is contributing now into his or her own retirement savings plan, a TFSA, or something that would be there in the future.
From my experience, there is nothing better than a defined benefit plan. There are pros and cons in a defined contribution versus a defined benefit. One is that the money is put in up front, but it only lasts for so long, especially when people invest it and hope their investments come out strong. A defined benefit plan lasts a lot longer because the money stays there and is guaranteed to be there.
What I have noticed throughout my working life is that the younger generation does not have enough money, and basically, they really do not care about retirement at an early age. They are looking for money to keep their heads above water and it is only after 40 to 45 years of age that those workers then decide they had better do something about their retirement, but it is too late.
By investing for 40 years, yes, there are going to be increases, just like there are with a private plan. The money should not be left stagnant because then those dollars do not help. People have to look at the future and the money we are going to need.