Govt should set it up but the funding should come from regular payroll deductions from the employee, not from govt - i.e. build upon CPP. 
In the past, up until the 80s or so, people used to have a part of their pay set aside for retirement - they never saw the money, it was just set aside in a pension fund. When they retired, that money funded their retirement with a guaranteed income. 
Up until the 1980s, Canadians saved an average of 20% of income every week - they just didn't see that money. Today, Canadians save an average of 2.5% of their pay for retirement. 
For all the complaints about PS pensions, they put 15-20% of every pay cheque into their pension fund. That is the money used to pay their pensions. Those pensions are not paid from tax $ but from those savings and investment returns.
Banks will oppose any regulation that sets up pensions for ALL Canadians because they make billions every year from our RRSPs, far more than they could make in pension plans