EDMONTON — Alberta’s premier fired the starter’s pistol Thursday for a provincewide consultation on whether to quit the Canada Pension Plan while releasing a report that estimates the province deserves more than half CPP's assets.
The third-party report says Alberta should get $334 billion, or 53 per cent of the national retirement savings program, if it leaves in 2027 following the required three-year notification period.
“I would hope people would develop an understanding of how difficult it is when you've got a small-population province like Alberta being asked to subsidize the rest of the country, as we do on so many programs. Federal Finance Minister Chrystia Freeland declined to comment until she is briefed on Alberta's proposal, but she called the CPP a “crown jewel” envied around the world.
If Alberta leaves, it would be the first province to quit the CPP. All provinces and territories are part of it except Quebec, which didn't join after it was set up in 1965. Michel Leduc, head of public affairs with the CPP Investment Board, said it respects the right of any province that wants to leave but"can't find any legal or actuarial reasons" that support the report's $334 billion figure.
If its formula is applied to Alberta and Ontario, those two provinces would be entitled to 113 per cent of the funds. The province would have to change legislation, amend employment laws that touch on the CPP and negotiate pension agreements for Albertans working elsewhere.
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