Alberta Treasury Board President and Finance Minister Nate Horner accused Finance Minister Chrystia Freeland of having access to non-public data sources about the Canada Pension Plan (CPP). “For this matter, we request that you provide your calculation of the asset transfer amount (together with the underlying data supporting the calculation),” said Horner in a Wednesday letter to Freeland..Horner started off by saying Alberta “is legally entitled to a share of the CPP assets should we give notice to withdraw from the plan.” Section 113(2) of the Canada Pension Plan Act establishes the formula to determine the transfer amount. Using historical cash flow information, LifeWorks produced a report calculating the base Alberta Pension Plan (APP) asset transfer amount as of 2021, with the most current CPP valuation being $277 billion. LifeWorks estimated this amount would grow to $334 billion by 2027. The 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 Alberta Premier Danielle Smith. “We want to hear from you because it’s your pension, your choice.” Horner said the valuation report of the CPP — prepared by the Office of the Chief Actuary of Canada — contains other data and information needed for this calculation. This includes the net rate of return on assets by year. “A reasonable, respectful and measured dialogue between our government, yours and our fellow provinces and territories will be necessary to provide certainty to our fellow Canadians that their pension savings will be stable and secure should Albertans decide to withdraw from the CPP by referendum,” he said. “To that end, I also request that you provide your calculation of the asset transfer amount to us expeditiously.” Freeland confirmed on Tuesday she will be holding a special virtual meeting of provincial and territorial counterparts on Friday to discuss the APP. READ MORE: Freeland to hold meeting with provincial finance ministers about Alberta potentially leaving CPP“Like each of you, I have heard serious concerns from Canadians — including Albertans — regarding Alberta’s proposal to withdraw from the CPP,” she said. “Canadians work hard with the promise that a secure pension will be there for them when they retire — and they know that Alberta’s proposed withdrawal is a threat to the pensions of people in Alberta and across Canada.”
