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“For something this big, Albertans deserve the benefit of a rational, adult conversation.”
And we are going to make one of the central premises of this rational, adult conversation that Alberta is owed over half the CPP’s fund.
Please.
Better headline:
“UCP wants to raid CPP to feed more money into O&G.”
Exactly. The only reason to push separation from the CPP so hard is because they want to meddle in the investment selection process to prop up specific companies in violation of the fiduciary responsibilities of the pension manager and at the cost of Albertans’ pension growth and stability.
The only other angle I can think of is separatists deliberately trying to fracture Alberta away from Canada.
Not just to prop up O&G company stock prices, but also to further their long-running process of tying absolutely every Albertan’s financial well-being to O&G. Right now, if O&G drops, yeah, Albertans will lose jobs and the province’s social services go unfunded, but they still have CPP to rely on. With this change, their retirement will also vanish.
The more they go “all in” on O&G, the more every voter in Alberta absolutely NEEDS the O&G industry to remain profitable. Keep that going, and the political party that is most pro-O&G will stay in power perpetually.
I can imagine Albertans being upset that they make a high percentage of the contributions but get a small portion of the payouts.
That doesn’t make any sense; that’s not how it works. Everyone’s individual CPP contributions are proportional to their pension. There’s no preferential treatment for anybody.
Exactly, I don’t know the actual statistics (as the OC didn’t provide any) but if they actually are paying in more than they’re receiving it means they have a lot more workers than retirees. Sounds like a good deal when factoring in other provincial costs like healthcare for example.
And they are because Alberta is statistically the youngest province
Oh man, I feel dumb. Yeah I was thinking of ei.
I mean I can still imagine them being upset because they think they make more contributions than they receive in payouts… (false assumption like I just made).
It’s extortion by a rogue authoritarian leader/conspiracy theorist group against 40,000,000 people.
The UCP needs a bigger pot of pension funds to prop up oil and gas. They rewrote the laws a few years back to allow them to put health pensions in. I can only assume it went poorly and they need more gambling money to try and cover the debts.
I’m as hard of a “no” on this as possible. I’m absolutely convinced that when the smoke and mirrors collapse the healthcare pensions are gone, don’t need to take Albertans CCP contributions w/ them.
Alberta makes up a bit under 12% of the population. Best offer? 12% of the CPP. Good luck with that.
Alberta is younger than most provinces on average, isn’t it? Maybe an equal share is right, though, since average income is higher in Alberta.
Still, compound growth is huge, so even a small change in average age would have a big impact on portfolio valuation.
Why are the people of Alberta getting duped by this crazy woman?
We were sooo close to having Notley again.
FWIW leaving CPP is maybe the most unpopular idea yet.
The report by pension analyst LifeWorks calculates the province deserves more than half of the $575 billion in the CPP fund, and says with that money an Alberta pension plan could deliver lower contribution costs and higher payouts.
I’d like to see how LifeWorks came to that conclusion
They basically created a formula out of thin air. Using the same formula Ontario would be entitled to something like 68% of the fund.
This is the best summary I could come up with:
Alberta is to begin telephone town-hall consultations with the public starting next week on whether to quit the Canada Pension Plan.
An engagement panel led by former provincial finance minister Jim Dinning announced Thursday there will be five 90-minute town-hall discussions over six weeks, each session focused on getting feedback from a different region.
“Now that the LifeWorks report is out for discussion, our panel has been tasked with listening to Albertans and hearing their thoughts, views and concerns about a provincial pension plan,” Dinning said in a statement.
The NDP says Albertans have already made their feelings known in numerous public surveys that suggest a majority don’t want the province to touch CPP.
The NDP is holding its own online consultation with Albertans on the topic on Oct. 19 at 6:30 p.m., hosted by caucus finance critics Shannon Phillips and Samir Kayande.
“The fact that the so-called [government] consultation on the future of the Canada Pension Plan does not include any in-person town halls is a move of pure cowardice,” she said.
The original article contains 458 words, the summary contains 172 words. Saved 62%. I’m a bot and I’m open source!
If the QPP isn’t even doing better then the CPP how is Alberta going to do better?
k bye
