Alberta NDP calls on UCP to reveal report on Canada Pension Plan

Alberta’s Official Opposition NDP says the United Conservative Party (UCP) must reveal its plans — if any — to remove the Canada Pension Plan (CPP), warning it could jeopardize residents’ retirement savings.

The province issued a third-party analysis to see if it was feasible to create an Alberta pension plan. It stemmed from the Fair Deal panel in May 2020, which urged the province to explore the idea of a plan outside Confederation.

In response, then-premier Jason Kenney ordered a report on the plan, and in March 2021, said it was almost done and was weeks away from issuing the report.

However, after Smith took office in October, she asked then-finance minister Travis Toews to continue working on the report and look into pulling away from the CPP. She said it may be possible for a referendum with Albertans prior to the May election, but that didn’t happen.

The NDP says the UCP is going against most of the province, as a Leger poll for Postmedia showed 79 per cent were opposed to removing the CPP.

“It’s very clear that when it comes to pensions, Danielle Smith doesn’t know what she’s talking about, and it’s high time she backed down on this plan,” said Shannon Phillips, Alberta NDP finance, insurance, and pensions critic, in a statement Wednesday.

“Albertans know that the CPP ensures a secure retirement for Albertans, promoting social and economic stability in the province. By pooling contributions from workers across Canada, the CPP offers a strong foundation for retirement security, minimizing the risk of individuals outliving their savings.”

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Smith said ahead of the election campaign that she would not campaign on her contentious plans, including the sovereignty act and an Alberta police force.

She also said she would revisit the CPP after the election once the reports are available, which has not happened yet.

Phillips says Albertans need to know what’s happening.

“My message to Albertans today is this: your retirement is too important to gamble. The Premier should be straightforward with Albertans and tell them her plans now, this summer. She should come out, release the data, and end the speculation,” said Phillips. “Albertans deserve a secure and predictable source of retirement income, here and across Canada.”

In a statement to CityNews, the office of the minister of treasury board and finance stated that the premier has been clear: “No one is taking away Albertans’ pensions.”

“We are waiting for the final report from Lifeworks, formerly known as Morneau Shepell. Once that report is final and our government has an opportunity to review it, we will release it to the public,” the statement from Press Secretary Charlotte Taillon reads.

“If Albertans make it clear they would like to have a referendum on…establishing an Alberta Pension, we will do so. Any decision on whether or not to establish an Alberta Pension will be for Albertans to decide in a province-wide referendum.”

Smith has said Albertans are over-contributors to CPP and need to explore an alternative that could leave more money in the hands of Alberta seniors.

In addition, the Alberta Chambers of Commerce conducted a survey in December that suggested most business owners believe leaving CPP for an Alberta plan would disadvantage them over the next three to five years.

Research firm Global SWF said in June that the CPP is one of the “top-ranked global pension funds” in the world, growing assets from $36 billion to $570 billion.

-With files from Lisa Grant and The Canadian Press