'It would be punitive': Alberta's pension proposal troubles N.L. premier

Newfoundland and Labrador Premier Andrew Furey happened to be in the Fort McMurray area of Alberta when he learned the details of the province's recent announcement about pensions.

On Thursday, Alberta released a report focused on the possibility of establishing an Alberta-only pension plan.

"We're still doing an analysis," Furey said in an interview of his reaction to the announcement. "And it's rudimentary at this particular moment in time, but I think what is accepted is it would be punitive to many different jurisdictions around the country."

Furey said it would be premature to draw any conclusions without doing a more robust analysis from Newfoundland and Labrador's perspective, but one thing was clear to him.

"I think it's safe to say you can't withdraw half of the CPP and not expect to have a ripple effect across the country," he said.

The Alberta report stated that the province may be entitled to a $334-billion asset transfer from the Canada Pension Plan in 2027, which would represent more than half of the fund's estimated total net assets.

That figure drew skepticism from economists and from Michel Leduc, the senior managing director at CPP Investments, which invests on behalf of the CPP. On Thursday, Leduc called the $334 billion an "impossible figure."

Furey said he was in Alberta at a job fair intended to draw people from N.L. back east. Furey's province, like Alberta, is an energy-producing province eyeing a transition to a green economy.

He requested a meeting with Premier Danielle Smith today, which was accepted. The two had a productive meeting where they discussed a number of matters of shared interests, including the pension plan, Furey said.

"It's my opinion that Canada works better when we work together, and we need to avoid working in silos. We need to avoid the often political magnetism of territorialism," he said. "But we need to make sure [that] as any areas or regions of the country [are] doing well, [they are] looking after other regions that aren't."

Furey added that he is supportive of re-evaluating instruments within federation that apply to the division of funds and responsibilities.

"We often should, and need to re-evaluate those instruments as an evolution, like equalization," Furey said, adding he didn't support the position being proposed for the CPP.

One of the unanswered questions remaining after the release of the report is how other Canadians might be impacted (aside from Quebec, which operates its own pension plan) — and how premiers outside of Alberta might react to the plan.

With that in mind, CBC News reached out to each of Canada's premiers, requesting comment on Alberta's plans.