EDMONTON — Alberta’s premier fired the starter’s pistol Thursday for a provincewide consultation on whether to quit the Canada Pension Plan while releasing a report that estimates the province deserves more than half CPP's assets.
The third-party report says Alberta should get $334 billion, or 53 per cent of the CPP, if it leaves the program in 2027 following the required three-year notification period.
“I would hope people would develop an understanding of how difficult it is when you've got a small-population province like Alberta being asked to subsidize the rest of the country, as we do on so many programs. If Alberta leaves, it would be the first province to quit the national retirement savings program. All provinces and territories are part of it except Quebec, which didn't join after it was set up in 1965.
University of Calgary economist Trevor Tome said the Lifeworks model is based on a hypothetical payout tied to one interpretation of the funding formula. He said his calculations come in at 20 to 25 per cent of the total CPP pool due Alberta. The report estimates the price of setting up the Alberta plan to be between $100 million and $1 billion, depending on how much the province piggybacks on the CPP mechanisms.
The province would have to amend legislation, amend employment laws that touch on the CPP and negotiate pension agreements for Albertans working in other provinces or abroad.
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