Danielle Smith, Premier of Alberta, speaks to media in Winnipeg, Tuesday, July 11, 2023. Smith is set to release a report that could lead to a vote on whether Alberta should ditch the Canada Pension Plan.. THE CANADIAN PRESS/John Woods
CALGARY – 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 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 says 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.
He says an 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.
