Alberta NDP rings alarm on Alberta Pension Plan, UCP calls it fear-mongering

The Alberta NDP is sounding the alarm after Alberta Premier Danielle Smith issued her mandate letter to the province’s finance minister Thursday, which includes a request to release the Alberta Pension Plan report.

The report was first discussed in 2020 under former premier Jason Kenney and was meant to be released in 2021.

Smith brought the discussion to the forefront again while running for her leadership campaign and again after she asked then-finance minister Travis Toews to continue working on the report.

Now, Smith is asking Minister Nate Horner to release the report and consult with Albertans on its findings to “determine whether a referendum should be held to establish an Alberta Pension Plan that will increase pension benefits for seniors, reduce premiums for workers and protect the pension interests and benefits of all Albertans.”

While the NDP asked the United Conservative Party (UCP) to release the report on July 5, the opposition party says the letter is signalling a departure from the CPP.

“Danielle Smith’s hidden agenda is coming to light just weeks after the provincial election,” said NDP finance critic for insurance and pensions Shannon Phillips.

“This plan will cost hundreds of millions of taxpayer dollars while simultaneously jeopardizing every Canadian’s retirement. The release of a rigged report featuring the UCP’s own biased analysis will not change that.

“Albertans should be deeply concerned by the Premier’s bizarre obsession with getting her hands on their retirement savings.”

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The NDP notes that former minister Travis Toews said the UCP would establish its own tax collection agency and would hire more than 5,000 new tax collectors to replicate the work done by the Canada Revenue Agency.

In addition, it says the UCP has confirmed that the plan will cost taxpayers $500 million dollars annually, which they say could be used for “hiring more nurses and teachers.”

“But instead, they get more tax collectors and a whole new additional set of tax forms to fill out every year,” said NDP finance critic for fiscal responsibility Samir Kayande.

“The Alberta NDP will continue to oppose this multi-billion-dollar boondoggle and fight to ensure that not a single cent of taxpayer dollars are spent just to make Albertans file their taxes twice. This is not conservatism. It’s just another UCP catastrophe.”

UCP says NDP outcry fear-mongering

In a statement to CityNews, Horner says the premier has permitted him to investigate the possibility of creating an Alberta Pension Plan and an Alberta Revenue Agency, report any findings to her, and have a “fulsome conversation on these topics with Albertans.”

He also says the NDP is “creating fear where it is unwarranted.”

“We’re awaiting the final draft of the report, and it would be a shame if Albertans didn’t get a chance to see the findings and understand the potential possibilities,” Horner’s statement reads.

“We believe it’s only fair to allow Albertans the time and opportunity to make informed decisions — just like they did on May 29.”

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.

CityNews has reached the office of the premier for comment.

-With files from The Canadian Press