A report by Canada's chief actuary challenges Alberta's claim to 53% of the Canada Pension Plan's assets, suggesting a figure closer to 20-25%.
A report from Canada's chief actuary suggests Alberta would not be entitled to more than half of the Canada Pension Plan's assets that the province has argued it should get if it were to leave the investment fund. The chief actuary’s paper, published Friday, says the calculation that claims Alberta should get 53 per cent — or $334 billion — of the $575-billion in CPP assets “does not respect” federal pension legislation.
The $334-billion estimate comes from a report commissioned by the Alberta government in 2023 from consultants LifeWorks. Instead, the chief actuary agreed with the interpretation of University of Calgary economics professor Trevor Tombe, who had pegged Alberta’s share at between 20 and 25 per cent of total assets. “It is a complete rejection of the formula used in the LifeWorks report,' said Tombe, adding that he, like Alberta Premier Danielle Smith, was disappointed the report didn't contain more detailed data. However, Tombe said Smith's frustration over not getting a dollar figure is disingenuous because the report provides a simple formula to arrive at one. 'This is not hard. We can have this assigned to some high school students to calculate, and they could do it,' he said, adding provincial officials have likely already calculated a number. Smith reiterated Thursday that her government wouldn't consider moving forward with a referendum on the issue until it had a firm number from Ottawa. 'We were under the impression that the chief actuary was hiring three different analysts to look at the legislation, to be able to get three very precise ways of looking at this issue, so that we had a precise number,' Smith said at an unrelated news conference. Applying data from the LifeWorks report to the formula provided by the chief actuary would suggest Alberta's share would be about $135 billion, Tombe said. However, he noted that CPP assets grow and shrink all the time, so any estimate could quickly become irrelevan
CANADA PENSION PLAN ALBERTA INVESTMENT FUND PENSION LEGISLATION REFERENDUM
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Alberta Awaits Pension Plan Exit Estimate from Canada's Chief ActuaryThe Alberta government received a response from Canada's chief actuary regarding its plan to leave the Canada Pension Plan but is still awaiting a specific financial estimate. Premier Danielle Smith's government wants to gauge public support for a referendum on exiting the plan, but needs a firm number before proceeding.
Read more »
Alberta Awaits Pension Plan Exit Estimate from CanadaAlberta Premier Danielle Smith says the province received a report from Canada's chief actuary regarding its bid to leave the Canada Pension Plan, but it lacks an estimated payout figure. Smith expressed disappointment, as the province had anticipated a precise number based on analyses by three different analysts. The government plans to follow up with the federal Finance Department after a cabinet shuffle in Ottawa. Meanwhile, Alberta's finance minister's office stated that the report provides an interpretation of the legislation but no quantifiable estimate. A referendum on the issue is contingent upon a firm number being determined.
Read more »
Alberta Insider: Report on Canada Pension Plan doesn’t calculate province’s share, Premier saysDanielle Smith says there are no specific figures or formulae that answer how much money Alberta would receive if it were to exit the national retirement system
Read more »
Alberta Awaits Pension Plan Exit Figure from CanadaThe Alberta government has received a response from Canada's chief actuary regarding its request to leave the Canada Pension Plan, but no estimated payout amount has been provided. The province is currently analyzing the report and will make further announcements at a later date.
Read more »
Ottawa’s report on Canada Pension Plan doesn’t calculate province’s share, Alberta Premier saysAlberta last year argued it is entitled to more than half of the multibillion dollar fund and that it would consider holding a referendum on whether residents wanted to set up their own pension fund
Read more »
Alberta Awaits Pension Plan Estimate from CanadaAlberta Premier Danielle Smith expresses disappointment over the lack of a concrete figure from Canada's chief actuary regarding the province's withdrawal from the Canada Pension Plan.
Read more »