Finance committee  I'd agree with your comments. This creates another option in the toolkit. It's innovative and it provides opportunities, not just for those small businesses but for.... When you look at how 50% of private sector employees don't have access to anything, it provides an opportunity

Finance committee  Okay. On the cost issue—and Mr. Benson suggested that there be very specific thresholds—we worry that if you put a threshold that starts to take away competition and innovation that administrators might use to come in at lower costs than that threshold, that's the point that ever

Finance committee  No. On the discretionary investment and removing all choice, I understand the point you're making there. I think it's going to be really important that there be criteria and that administrators think hard about what is an appropriate default option for those people who don't mak

Finance committee  They would be interested in looking at that.

Finance committee  As far as them not being interested in administering them, I think we're all in agreement on that. They're looking for an option where the complexities are taken away from them. The PRPP provides that opportunity for them. A high percentage of them are looking at ways to retain a

Finance committee  I absolutely agree that the Australian experience has been very instructive, and that there are lessons to be learned from that. The other point I would add is the excess of choice that's in the Australian fund, and the complexity that's in it as well. There are something like

Finance committee  I've circulated the results of the survey to all members of the committee. This survey was undertaken by Leger Marketing on our behalf and involved just over 800 small and mid-size employers. There was definite interest. Perhaps I misunderstood, but you indicated you heard that

Finance committee  The first point I would make is that for the legislation, the intent is clear that it needs to be low cost. Administrators are going to be licensed. They are going to be supervised, and they are going to be held accountable to make sure they deliver on the low costs, not only by

Finance committee  No, they would not.

Finance committee  I think when you take a look at the prevalence or the lack of prevalence of retirement plans in the workplace right now, 50% in the private sector have nothing. They're too expensive too administer or they're too complex. Employers simply aren't offering anything. What we're hea

Finance committee  There are various considerations administrators will be taking a look at in the design of PRPPs. One of the things I know life insurers are interested in taking a look at is whether there is a way to incorporate some retirement stream security at some point along the line. It's p

Finance committee  Absolutely.

Finance committee  Yes.

Finance committee  We couldn't agree with you more. Getting back to the way our retirement savings system is set up, there are three pillars to it. Think about it as a three-legged stool. You need strength on each of those legs in order for the whole system to be stable. We see PRPPs as an opportun

Finance committee  Obviously there would be fewer people who we would be providing pension plans to, which would be the bottom line there.