Madam Speaker, any time the government members tell us there is only one way to solve a problem, and it is the government's, we should be wary.
Some of the feedback that has been brought forward in terms of the efficacy of this particular policy instrument has included that the full new benefits will not be available until at least 39 years after 2025, when the initial implementation of the CPP expansion has been completed. There are questions about the accrual of $1 trillion in assets. Where can one invest $1 trillion today in a prudent fashion that will still earn adequate returns?
Will participants understand that his new tier does not bring guaranteed benefits? What will happen when they have to freeze or even reduce benefits and contributions? Is this politically feasible?
How will small plans respond? Will they respond just by closing? Many of these plans are well administered, and we should not create incentives for them to terminate.
What about a new working income tax benefit? Is that fair? Have we targeted the correct audience for this reform?
The bottom line is that there are many different ways that we can look at the question on how to incent Canadians to best save for their retirement. Certainly one of the best ways we can do that is by providing them with employment opportunities and a prospect of a government without severe debt, none of which the current government has any intention of doing.