The Alberta government has released a report that it commissioned on the financial implications of the province leaving the Canada Pension Plan. Here's a look at some of the key findings and assumptions of the report. Why is Alberta considering its own pension plan? Premier Danielle Smith says Alberta's relatively younger population and higher pensionable earnings means the province pays more into the plan than it needs to fund benefits paid to Alberta seniors. Smith says the province could come
The Alberta government has released a report that it commissioned on the financial implications of the province leaving the Canada Pension Plan. Here's a look at some of the key findings and assumptions of the report.Premier Danielle Smith says Alberta's relatively younger population and higher pensionable earnings means the province pays more into the plan than it needs to fund benefits paid to Alberta seniors.
In contrast, a working paper released Thursday by University of Calgary economics professor Trevor Tombe estimates the province would need to implement a minimum contribution rate of 8.2 per cent, significantly shrinking the proposed benefit.A crucial factor in figuring the possible benefits is deciding how much of the current roughly $575 billion in current CPP assets an Alberta pension plan might get. No province has ever split from the CPP, so the laws dictating it have not been tested.
“We believe that the framework would see a claim that is much closer to what Alberta has contributed to the Canada Pension Plan since inception, and that's not 53 per cent, that's closer to 16 per cent." Dividing the assets would force new legal interpretations of the legislation governing the CPP, but as Tombe notes, a key clause says provinces are entitled to investment returns derived from their contributions.
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