Mr. Speaker, I would like to begin by congratulating my colleague, the member for Etobicoke North, and thanking her for choosing such an important and timely subject.

In recent years, many of my constituents have contacted me, as their MP, about this issue. This motion gives me an opportunity to speak to the issue and discuss it here in the House of Commons.

I was here for the first hour of debate. I listened to all the speeches and I heard a number of criticisms about the motion. Most of the criticisms were about things that were supposedly missing. I feel those criticisms are unjustified and fail to address the nub of the issue.

It is true that, if I am not mistaken, the motion does not mention the Canada pension plan, the Quebec pension plan, old age security or the guaranteed income supplement, but that is not what we are talking about today. We are not talking about those aspects of the support system for Canadian retirees.

I would like to take a moment to speak about the nature of our support system for retirees. It is a mixed system, a system that reflects our ways of doing things and our lifestyle here in Canada. It is reflected in our federative political system, which is a nuanced, multi-dimensional system.

For example, we have a mixed economy that is based on free markets. However, the government does intervene for various reasons. We therefore have a mixed system, which consequently is perhaps more stable and efficient than other economies around the world. In particular, I think that it is more efficient and fairer than the American economic system.

We also have a health system that is somewhat mixed. It is obviously a public health system. However, there is some space on the periphery for private insurance plans to cover the cost of medications, for example, although we are moving towards a national pharmacare system. It is therefore a system that allows for private insurers to cover certain services such as osteopathy, eye exams, psychotherapy and so forth. Once again, it is a multi-dimensional system. In Canada, we have the capacity to find a middle ground. That is Canada’s brand, and it makes Canada a force in several respects.

As a complement to public pensions, Canadians also have access to private savings vehicles supported by the tax system. The tax policies of both levels of government make it possible to invest in a registered retirement savings plan, or RRSP, and in a registered retirement income fund, or RRIF. Some of these vehicles enable individuals to manage their own retirement investments.

Even those who do not keep an eye on their portfolio every day—and I think that is most people—still have some knowledge of what is happening in the financial markets. If someone has an RRSP or a RRIF, they obviously keep an eye on the financial markets, even if they are not an expert and they do not work on managing their portfolio every day. In short, those who have these financial instruments are in a position to make fairly informed decisions that will help them maximize the value of their assets to the extent possible.

Many people have written to me to share their concerns about how the current rules, which require them to withdraw a minimum percentage of their portfolio after the age of 71, will leave them less well off financially in the long-term. That means they will not necessarily have the support they hoped to have when they are older and further into their retirement.

Many have told me that it makes no sense to be required to withdraw a minimum amount from their funds and that they would rather not do that right now because the financial markets are down. Taking out their money is worse than not being able to take advantage of a situation where they might be able to benefit from a capital gain. Worse yet, they are being forced to take a loss. Many of my constituents have written in to urge us to suspend this requirement to withdraw a percentage of the funds in their portfolio.

A few years ago, such a request was not justified because the financial markets were more or less stable. However, I believe that everyone in the House can see that the economy has been more volatile these past few years than it was in the 1970s, 1980s and 1990s. It is a fact we can see with our own eyes if we watch the news or follow the markets a bit.

Stephen Poloz, former governor of the Bank of Canada, just published a book entitled The Next Age of Uncertainty: How the World Can Adapt to a Riskier Future. It is only available in English for now.

Even the former governor of the Bank of Canada has said that the world is more unstable than it once was and that, as a result, financial markets will show a much wider variation or spread in the value of investments. This is a reality we need to come to grips with.

As I said at the beginning of my speech, this may be the time to really look at this issue again. I know that in the past, governments have made adjustments to the amounts and percentages that have to be taken out of one’s portfolio. However, I believe that the current economic and financial situation calls for a review of this issue to see whether we need to make changes that would allow pensioners to retain the value of their assets for much longer than if everything stayed the same.