Alberta’s Chief Actuary Report Lacks Pension Plan Estimate
Alberta awaits a clear estimate from the chief actuary on its pension plan share amid ongoing discussions about leaving the Canada Pension Plan
Alberta, Canada, Pension Plan, Danielle Smith, Canada Pension Plan
EDMONTON: So, the Alberta government just got some feedback from Canada’s chief actuary about their plan to leave the Canada Pension Plan. But here’s the kicker: they didn’t get any numbers. Yup, no estimate on what Alberta should expect to receive.
They’ve been waiting for this info for months, and it’s a bit frustrating. Justin Brattinga, who’s the press secretary for Finance Minister Nate Horner, mentioned that they got the actuary’s take on the laws, but it didn’t include any figures or even a way to calculate one.
They’re still digging into the report and plan to share more later. But here’s the deal: they won’t even think about a referendum until they have a solid number to show Albertans.
It’s still unclear if the federal government will provide a firm estimate anytime soon. The finance ministry and the chief actuary’s office haven’t replied to questions yet.
This whole pension plan talk really picked up after Premier Danielle Smith’s United Conservative Party won the provincial election in 2023. Her government believes Albertans should get around $334 billion, which is more than half of the national retirement plan. But the Canada Pension Plan Investment Board thinks it’s closer to $100 billion.
Smith wants to see what the feds come up with before asking Albertans if they’re interested in a referendum. She mentioned that having a solid number is pretty important.
According to her, if the amount isn’t enough to lower premiums or give rebates to current pensioners, folks might think it’s not worth it. But if it allows for both better payouts for pensioners and lower contributions, they might feel differently.
Smith has been vocal about how she thinks Albertans are getting a raw deal under the current national plan, contributing way more than they get back.
Last year, her government decided to pause public consultations about leaving the CPP until they could agree on a number. This report was first published by The Canadian Press on December 19, 2024.
Lisa Johnson, The Canadian Press