Phillips details NDP plan to protect pensions

By Ry Clarke - Lethbridge Herald Local Journalism Initiative Reporter on March 29, 2023.

Albertans will start to see a ramp up in political campaigns over the next two months, with the provincial general election scheduled to be held on May 29
In Lethbridge candidates have started getting the word out to the public. Lethbridge East will see UCP MLA Nathan Neudorf seeking re-election. He will be facing Rob Miyashiro of the NDP while Lethbridge West will see NDP MLA Shannon Phillips seeking re-election against Tory Tanner of the UCP.
On Tuesday, , Phillips held a press conference at the joint-NDP campaign office located along 13 St. S., to speak about a growing concern she is hearing from voters while campaigning.
“Few things worry folks more than Danielle Smith’s plan to gamble with our (Canadian Pension Plan). Folks have worked hard for their CPP, it has come off our cheques since our first jobs as teenagers,” said Phillips.
“I was on the doorsteps this weekend and I probably had 40 conversations about this topic. It is top of mind for people in Lethbridge, right up there with access to health care.”
Phillips notes the UCP has forged ahead with this plan to “gamble” with Albertans’ pensions. “Despite widespread polling that shows Albertans don’t support this risky experiment,” said Phillips. “Now the UCP are doing all of this despite reports showing that an Alberta-based pension plan would cost hundreds of millions of dollars, and would introduce a high level of risk to our retirement savings.”
Hoping to alleviate the worry in Albertans, Phillips discussed the NDP’s plans.
“An NDP government, if elected in May, will protect your pension by law. We will do this in a couple of ways, We will stay in the Canadian Pension Plan,” said Phillips.
“Remaining in the CPP will save hundreds of millions of dollars that Danielle Smith would be forced to spend to start up and operate an Alberta Pension Plan. But we will take it one step further – we won’t just leave behind these plans to leave the CPP, but we will legislate protection of the CPP by passing a law preventing any Alberta government from leaving the plan.”
Phillips said the NDP will also look to add joint governance of public sector pension plans.
“Teachers, nurses, firefighters, and all frontline workers who pay into their pension plans want to see that we will guarantee them a voice from around the table for those investing their retirement savings. Public sector pensions will be given representation on our investment management board, and if investment performance in the long run is not satisfactory to those workers, we will allow those plants to leave.”
Also included in NDP plans is a way for the private and non-profit sectors to voluntarily establish their own workplace pensions using the resources of Alberta Pension Services Corporation as the administrator, and the Alberta Investment Management Corporation, AIMCO, as the investment manager.
“If we could expand some of these private sector pension savings through this model, 200,000 more Alberta workers, it would cost the Alberta government only about $17 million, but it would be transformative for the retirement security of so many Albertans,” said Phillips.
“There is no question that Danielle Smith has a plan to gamble with our retirement, there is also no question that Albertans rightfully oppose that plan. I have heard that over and over again here Lethbridge,” said Phillips.
“She says there might be a referendum sometime in 2024 on the topic of the future of our Canadian Pension Plan. In my view, the referendum is on May 29.”

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