One cannot attribute the Crisis in Pension Funds simply to those two issues.

The tax has contributed to, though it is by no means the sole reason for, the Crisis in Pension Funds generally now.

We could now be seeing the beginnings of another Crisis in Pension Funds, because they can no longer make as much on investment gain to get out of trouble as they could 10 years ago before so many of them were switched into bonds.

I agree with him that we would not have the Pension Fund Crisis now if this had been done in the first place.