Alberta deserves more than half CPP assets if it exits program: report
A report commissioned by the Alberta government estimates the province would be entitled to more than half the assets of the Canada Pension Plan if it were to exit the national retirement savings program and go it alone.
A third-party report compiled by consultant Lifeworks released Thursday calculates that if Alberta gave the required three-year notice to quit CPP next year, it would be entitled to $334 billion, or about 53 per cent, of the national pension plan's pool by 2027.
Alberta would be the first province to quit CPP; Quebec never joined when it was set up in 1965.
Finance Minister Nate Horner said given Alberta's young workforce and growing economy, the province has no choice but to let residents choose whether to have an Alberta Pension Plan.
“We have a responsibility to present these findings to Albertans and gather their feedback. Albertans will make the final decision on where we go from here. It's your pension, your retirement and your future,” Horner said in a news release.
He said the Alberta plan could save residents $5 billion in the first year.
Going it alone on pensions was one plank of former United Conservative premier Jason Kenney's plan to fight for a “fair deal” with Ottawa. It also included a potential Alberta police force and tax revenue agency.
The report estimates setting up an Alberta plan would cost between $100 million and $1 billion, depending on how much the province piggybacks on CPP mechanisms.
The cost of implementing the investment arm of an Alberta plan would be another $75 million to $1.2 billion, again depending on how much the province taps into existing structures and expertise.
This report by The Canadian Press was first published Sept. 21, 2023
CTVNews.ca Top Stories
BREAKING Canadian musician Jacob Hoggard found not guilty of sexual assault
Canadian musician Jacob Hoggard has been found not guilty of sexually assaulting a young woman in northeastern Ontario eight years ago. The former Hedley frontman had pleaded not guilty to sexual assault.
Police arrest Toronto woman in connection with three recent homicides
Police have arrested a Toronto woman in connection with three recent homicides and investigators say that they believe two of the victims may have been 'randomly targeted.'
Following child's death in Ontario, here's what you need to know about rabies and bats
An Ontario child died last month after coming into contact with a rabid bat in their bedroom, which was the first known human rabies case in Canada since 2019.
A French judge in a shocking rape case allows the public to see some of the video evidence
A French judge in the trial of dozens of men accused of raping an unconscious woman whose now former husband had repeatedly drugged her so that he and others could assault her decided on Friday to allow the public to see some of the video recordings of the alleged rapes.
Former Colorado county clerk Tina Peters sentenced to 9 years for voting data scheme
A judge ripped into a Colorado county clerk for her crimes and lies before sentencing her Thursday to nine years behind bars for a data-breach scheme spawned from the rampant false claims about voting machine fraud in the 2020 presidential race.
NDP house leader laments 'agents of chaos' in precarious Parliament
NDP House leader Peter Julian says there's more his party wants to do in Parliament before the next election, but if the current dysfunction continues it will become a factor in how they vote on a confidence measure.
Youth pleads guilty to manslaughter in death of P.E.I. teen Tyson MacDonald
A teen charged with the murder of another teen on Prince Edward Island last year has pleaded guilty to a lesser charge of manslaughter.
Here's what the jury didn't hear in Jacob Hoggard's sexual assault trial
A northeastern Ontario jury has started deliberating in Canadian musician Jacob Hoggard's sexual assault trial, we can now tell you what they weren't allowed to hear.
2 dead after fire rips through historic building in Old Montreal
At least two people are dead and others are injured after a fire ripped through a century-old building in Old Montreal early Friday morning, sources told Noovo Info.