NDP MP Heather McPherson (Edmonton-Strathcona, AB) brought forward a bill to block Alberta withdrawing from the Canada Pension Plan (CPP), according to Blacklock’s Reporter. Provinces can withdraw from the CPP if they provide a three-year notice. “It is dangerous, it is risky, it is reckless, and Albertans don’t want it,” said McPherson at a press scrum. “I have spoken to Albertans from across the province.”McPherson said Albertans “do not want to have Danielle Smith meddle with the very, very valuable pension we have within the Canada Pension Plan.” “We are trying to come up with a way that will stop Danielle Smith,” she said. Bill C-387 would require the consent of at least two-thirds of the provinces before any could withdraw from the CPP. “It is intended to protect the pensions of hard-working Canadians,” said McPherson.Alberta Treasury Board President and Finance Minister Nate Horner said it is baffling McPherson wants to take Albertans’ choices away from them on their own pensions.“This fits the NDP’s pattern of putting Albertans’ interests last,” said Horner.Meanwhile, in-house research conducted by the Privy Council found public support for Smith’s proposed withdrawal from the CPP depends on the math. “A small number were aware of a recent proposal by the Government of Alberta to withdraw from the Canada Pension Plan and create a provincially-operated Alberta Pension Plan (APP),” said the Privy Council. Of the respondents’ familiarity with the proposal, opinion varied depending on Alberta’s take. The CPP has $590.8 billion under management. Alberta’s share is being calculated by Canada’s chief actuary and the Parliamentary Budget Office. Smith said in a report in August Alberta’s share is $313 billion (53%). “Some viewed the 53% figure as confusing or implausible given what they perceived to be the small population size of Alberta relative to the rest of Canada,” said the Privy Council. “Concerns were expressed that if the Government of Alberta were to take this action, it would greatly diminish Canada Pension Plan payments for other Canadians.”A few people said they felt differently, expressing the view that if the 53% figure were correct, the Alberta government would be justified in its proposal to withdraw from the CPP and create its own pension plan. All were of the view this issue should be addressed by the Canadian government with great care. Respondents said they thought about retirement on a regular basis and had little confidence in federal financial management. “Asked how they would describe the Government of Canada’s management of the economy, almost all believed there was room for improvement,” said the Privy Council. An APP could save Albertans billions of dollars each year, with lower contribution rates, higher benefits and stronger benefit security for families and retirees, according to a September report conducted by LifeWorks. READ MORE: UPDATED: Report says Alberta provincial pension move could save people billions“This report shows a made-in-Alberta pension plan could put more money in the pockets of hard-working families and business owners and improve retirement security for seniors,” said Smith. “We want to hear from you because it’s your pension, your choice.” Findings were based on focus groups with Edmonton residents. The Privy Council commissioned the research under an $814,741 contract with the Strategic Counsel.
