Finance ministers from across the country will meet up virtually with their federal counterpart Chrystia Freeland today to discuss Alberta’s proposal to quit the Canada Pension Plan. Freeland holds a press conference in Ottawa, Tuesday, Oct. 31, 2023. THE CANADIAN PRESS/Sean Kilpatrick
OTTAWA – Federal Finance Minister Chrystia Freeland says if Alberta were to quit the Canada Pension Plan, it would need to launch a “complex and multi-year process” of negotiating international social security agreements to deal with contributors who work abroad.
Freeland listed that effort among other steps she says the Alberta government, as well as the federal government, would need to take if Premier Danielle Smith decides to withdraw the province from the federal retirement plan and set up its own program.
Her remarks came after a virtual meeting today with provincial finance ministers, in which she says they discussed the consequences of Alberta going ahead with its proposal.
Freeland, who called herself a “proud daughter of Alberta,” says she is hearing from Albertans who are concerned about the idea and is asking the chief actuary to look into the details of such an asset transfer.
The Alberta government argues that its workers have contributed an oversized share to the national fund and would be in line for big savings and payouts if it were to leave the CPP.
Alberta Premier Danielle Smith had planned to hold a possible referendum on leaving the CPP in 2025, but now says she won’t go ahead with such a vote until governments or the courts deliver a hard number on how much Alberta will get if it leaves the plan.
This report by The Canadian Press was first published Nov. 3, 2023.
