Finance committee  Let's put the proposition another way. If a sponsor can secure the kind of letter of credit we're talking about, he doesn't need it.

Finance committee  I'd have to confess I'm not an expert in that field, but anyone I talk to tells me these are revocable. These are not ironclad in the terms we would really respect. When things get tough and things explode, what's going to happen to that letter of credit? If you're going to use

Finance committee  Yes. I really come from the corporate side. You might not have recognized it, but I can tell you that it's our culture. We have created this monster. I don't blame these particular people. It's the way we've structured their rewards. I simply say find a system that rewards them

Finance committee  First of all, the Common Front has been focused on this since 2003. We saw this coming. We had no idea of the impact, of course. The media and perhaps some of us are calling this a tsunami or some kind of pandemic. This is not an act of God. These are man-made circumstances, and

Finance committee  I don't know if I've answered your question.

Finance committee  We are prepared to say that the enhancement of the CPP looks like the best model now. One of the things we insist on, and I think you heard from the Premier of Ontario asking for it, is a pension summit. We think that this is where we could deal with these particular issues. Con

Finance committee  I think there should be a provision for this to be set up over a period of time. We speak to employers as well as our own constituency, and we think this has already been done with CPP; it has been phased in. We think employers already know how to bring this into balance, when th

Finance committee  It certainly is an impediment to have that ceiling, and it would be my contention that there shouldn't be a ceiling. There are other ways of doing this, one of which would be when there is a surplus to have it amortized as insolvency is amortized. In other words, have a plan when

Finance committee  I'm going to let Bernard Dussault, my associate here, comment on that point, if you don't mind. He's the former chief actuary with CPP.

Finance committee  Good morning, all. Thank you, Mr. Chairman, for including us in this hearing this morning. I am Dan Braniff, unpaid volunteer and the founder and spokesperson for the Common Front for Retirement Security. Common Front is the largest general advocacy in Canada, representing 2