Madam Speaker, the context of this debate is the fact that the Canada pension plan will have a very sizeable investment to manage. I am told that by the year 2012, will be an amount of between $120 billion and $150 billion. This is quite a responsibility. It is understandable therefore that so many colleagues wish to participate in the debate. This is the broad context. In my brief remarks I will talk about how to invest, where to invest, the issue of ethical screening, the issue of return on investments, what people tell us about the CPP, and frequent complaints.
I will begin with the question of how to invest it. There is a unique opportunity for the board to be instituted by way of Bill C-3 to proceed in a rather creative manner in finding ways to establish its long term program by investing in a manner that will facilitate the construction of infrastructures. Examples would include: sewer separation; the rehabilitation of toxic sites; and initiatives that would lead to energy conservation and energy shifts in order to help Canada achieve its Kyoto goals. In other words, a number of investments would have a municipal flavour in relation to water and air quality and also a flavour that would somehow be coordinated with the long term objectives of the Government of Canada in the decades ahead.
On the topic of where to invest, many interventions have been made. We definitely seem to differ in our approach from that of the official opposition. Many of us on the Liberal side feel very strongly that investments should be made in Canada and that they should be intended to facilitate, as I mentioned a moment ago, the long term pursuit of Canadian interests, particularly in relation to air and water quality and the very difficult pursuit of sustainable development.
The issue of ethical screening was raised in the previous session by the member for Regina—Qu'Appelle, whom I congratulate. He and I are on the same wavelength in the sense that an ethical screening procedure ought to be incorporated by the board to be established by this legislation. This screening would ensure that the funds were not allocated to opportunities which are contrary to the public interest, which are contrary to long term goals, be they human rights or be they other very difficult objectives that the government intends to pursue.
On the return on investments, we will see from the record that the debate has been quite intensive. I tend to agree with those who wish to adopt a policy for stable and guaranteed investments rather than investments of a speculative nature. These funds are Canadians' hard-earned savings. Therefore it would be a natural conclusion to recommend that the funds be invested in a manner whereby they would be safe and productive, even if not in a spectacular manner in terms of interest rates, but safe and guaranteed.
My next topic is what people are telling us about the level of Canada pension plan payments. Canadians are increasingly concerned about the erosion of the purchasing power of the dollar, namely the effects of inflation, and it has been kept down to a minimum. Nevertheless, the pensions are less significant today than they were a few years ago. Therefore, the time has come for a revision of the Canada pension plan payment policy so as to allow for higher pensions for those who qualify.
We all know that higher pensions will require greater and larger contributions, which is a burden both to the employee and the employer. Nevertheless, a very strong case can be made that a good, healthy pension scheme, and Canada can say that it has one of the best pension schemes in the world, certainly reinforces social cohesion. Social cohesion is a very important factor these days, namely the ability of operating as a mutually supportive society. The element of the pension level is an important contributor to the cement which binds us together and makes us function every day.
I would argue in favour of a review of the system so as to permit an increase in the level of pension. This cannot be done in isolation. Evidently not only the CPP system will have to be examined, but also old age security and in particular, the guaranteed income supplement, which is a very important instrument in the overall pension policy. That kind of supplement goes to people who do not have a Canada pension to draw from and who can only rely on old age security, if they qualify for it.
It seems to me that the entire pension sector ought to have the attention of the Department of Finance, so ably represented by the parliamentary secretary in this debate, and also HRDC and other departments so as to produce a coherent and constructive long term policy. The time has arrived to do that.
The next item is the frequent complaints in relation to the Canada pension plan. I must repeat the complaint about the five year rule for the acceptance of disability claims. It is a rule that has had its time. It has also damaged potential claimants who have seen their claims rejected. It seems to me that this five year rule needs to be re-examined and possibly changed, let us say, to seven years or perhaps 10 years, so as to permit people who are disabled to make their claim and receive it without being denied.
Another complaint that has been raised in recent times is the delays on the part of the pension appeals board. The pension appeals board is probably understaffed. The claimants who appeal have to wait long periods of time until a decision is made. We have seen cases with waiting periods of up to two years. Obviously this is not good. It also does not compare well to two decades ago when the waiting period was six months at most. There has been some slippage. I submit that this item requires attention on the part of the authorities in charge of the Canada pension plan.
We need to pay close and regular attention to Canada's current pension regime and ensure that our seniors do not live in poverty. This exercise of revision should be a regular one rather than one done at infrequent intervals, as seems to have been the case in the past.
It seems to me that the debate on Bill C-3 and the amendments to the Canada Pension Plan Investment Board Act is a terrific opportunity for all of us to make proposals on how to invest carefully but also in a creative and new manner. Considering the large amount in question, we have everything to gain in investments that will lead to improvements in the health condition of the population and in projects that are oriented toward health and the environment which will improve water and air quality, human condition and ultimately the economic condition of the country.
Clear evidence has emerged in recent years that shows that health and the economy are closely interlinked. Pension funds offer a great occasion to look at opportunities to improve our performance in relation to basic elements such as water and air. I hope the comments made in the course of this debate will help to move in that direction.