Finance committee  It's not for me to do the stress testing. We leave that for the office of the chief actuary to do.

Finance committee  The chief actuary did her analysis as of December 31, 2024. She did not record any subsequent event to that.

Finance committee  Again, it's the chief actuary who prepares the report. I cannot comment on what she has or has not taken into account.

Finance committee  I'm not quite sure I understand the question. I think you have a question that's probably best for the chief actuary to answer.

Finance committee  Again, that's a question for Parliament to decide.

Finance committee  There is a wide array of assumptions and stress tests in the uncertainties appendix in the chief actuary's report.

Finance committee  It's in addition to the investment income.

Finance committee  I have that here; give me a moment, please. The total assets are projected to be $239 billion, or 8% lower, by 2050.

Finance committee  It will be $239 billion.

Finance committee  That's with the amendment.

Finance committee  If it had not been amended.... I have to do the math here. It will be $2.7 trillion with the amendment, so it would have been $2.9 trillion without the amendment.

Finance committee  For the MCR, in the 32nd report—I believe you're referring to the 32nd report now—the chief actuary included some sensitivity analysis and indicated various scenarios, one being an economic shock of about four years. That could increase the minimum contribution rate.

Finance committee  It's always a sensitivity analysis. The buffer we had between the minimum contribution rate and the statutory rate was 15 basis points in 2019 and then we went through COVID. The economic system has had many different shocks. The buffer that we have posted at the amount of 30 basis points is still larger than the buffer we've had on average in all the previous triennial reviews.

Finance committee  The basis of the 1997 reforms was always that at some point, the amount of benefits would exceed the amount of contributions. In the 1997 reforms, the idea was to build up a fund that would stabilize the contribution rate, and then there would be some withdrawals from that fund to help pay for benefits.

Finance committee  There's always been a point projected with the current structure of the plan at which investment income would be used to help pay for benefits.