In Debate: on Pension Provisions in C45 OMNIBUS-II
October 30th, 2012 - 2:15pm
Irene Mathyssen London—Fanshawe, ON: Mr. Speaker, the question I have for my colleague has to do with the pension provisions that we saw in the budget and now we see in this omnibus bill.
There is great praise or great effort made by this omnibus bill to put in place the pooled registered pension plan. Unfortunately, it is not indexed and is not fully transferrable. It depends on the markets. It is invested in stocks, and we know what happened in 2008 to RRSPs. There also is no requirement by employers to contribute.
Would the hon. member not agree with the rest of this side of the House that improvements to the Canada pension
Claude Gravelle Nickel Belt, ON: What a great question, Mr. Speaker. Of course I agree that the CPP is the way to do it. If we increased CPP donations for 10 years, everybody in Canada could have a decent pension to live on. It would take thousands of seniors out of poverty.
However, the government wants every Canadian to invest in the stock market. We all know what happens to the stock market when it goes down. Thousands of Canadians lost their pensions when the stock market went down the last time. The Conservatives want to do it again.