Smith announces potential referendum to pull out of Canada Pension Plan, create provincial one

Alberta Premier Danielle Smith and Finance Minister Nate Horner unveiled plans to introduce legislation that would require a referendum on pulling out of the Canada Pension Plan (CPP) in place of a provincial one.

Smith announces potential referendum to pull out of Canada Pension Plan, create provincial one

The announcement follows a government commissioned report by the independent consultant group, LifeWorks, which stated that Alberta could save a staggering $334 billion through the establishment of an Alberta Pension Plan.

“This is how much Albertans have contributed to the CPP minus how much they have received in benefits since the start of the CPP in 1966, plus investment earnings on that amount,” a UCP statement reads. 

“An estimated $5 billion in savings in the first year alone could be used to boost the annual pension benefits for seniors. That could include a significant increase to each senior’s monthly pension payment, or even a $5,000 to $10,000 bonus payment at retirement.”

During her announcement, Smith said decisions this large should be left up to Albertans.

“It’s your money, your future, and your say matters,” she said.

Smith also said that any move towards an Alberta Pension Plan would guarantee the same or lower contributions compared to the CPP, along with the same or improved benefits for seniors.

Between this fall and spring in 2024, an engagement panel will consult with Albertans about their views on a possible provincial pension plan. Once they’ve gathered feedback, they’ll put it together in another report for the government.

CBC’s take

On Thursday, the CBC compared Smith to Dr. Evil from Austin Powers and pointed to polls that show most Albertans prefer the Canada Pension Plan over a provincial one.

Share this story

Donate now to keep us on the front lines:

Help Keep your News Free

It's crucial we stay in touch

Big Tech wants to censor us, that’s why you need to stay in touch.

[wpp limit=6 order_by='views']

YOU MIGHT ALSO LIKE THESE...

Trending News

“One, taxpayers should not be paying for that, and two, journalists should not be paid by the government.”

Mike Campbell

December 2, 2024

Trending News

Here are the top 10 reasons why Calgarians should consider someone other than Jyoti Gondek to run their city.

Keean Bexte

November 29, 2024

Trending News

Smith won’t waste time with Trudeau, announces plan to patrol Alberta-Montana border.

Keean Bexte

November 28, 2024

Trending News

“Premier @ABDanielleSmith and I are leading Alberta into a future where our transportation network is modern, reliable, and works for all,” Dreeshen stated.  

TCS Wire

November 23, 2024

Trending News

Following Donald Trump’s election win, Alberta Premier Danielle Smith is planning to attend the inauguration of the 47th president of the United States in Washington D.C..

Keean Bexte

November 15, 2024

We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you’ve provided to them or that they’ve collected from your use of their services. You consent to our cookies if you continue to use our website.