Pooled Registered Pension Plans Act (Bill C-25)

Elizabeth May: Madam Speaker, I agree with my colleague from London—Fanshawe. I am glad to have my RRSPs. I have been trying to put money away in RRSPs. However, when one looks at their efficacy, one finds that overall they cost the system a tremendous amount and really provide little pension availability, and they provide less as we look down the income scale. The people who most need pension benefits are less likely to find them through RRSPs.

I am attracted to the idea of more municipal bonds. I know we are thinking outside the Bill C-25 box, but what does the member for London—Fanshawe think of Canadians being able to put their retirement savings in municipal bonds in their own communities?

Irene Mathyssen: Madam Speaker, that is something we should be investigating.

In December 2010, the federal government said it was going to sit down with the provinces and talk practically in a progressive way about the retirement crisis we face. Perhaps future talks with a different government would find something solid and workable. I hope there is a different government in 2015. In fact I know there will be a different government.

Perhaps we can sit down with municipalities and find something solid and workable that would invest our pension funds in a way that provides a significant return, safety and security, defined benefits and the kind of pension deserved by Canadians who have spent their entire lives building this country, putting in place the social safety net. It would be far better than allowing that bunch to destroy our social safety net, because, quite frankly, that is what they are up to.