Upcoming Alberta pension report to use exit formula from the ’60s: Opposition
Global News
“The report will rely on a withdrawal formula that dates back to 1966 and completely ignores how the Canada pension plan is currently invested,” Shannon Phillips said.
A report on the viability of a provincial pension plan in Alberta is expected to be released by the end of the month — a report the Opposition is characterizing as a “misleading fantasy case” for leaving the Canada Pension Plan.
On Tuesday, Shannon Phillips, Opposition finance critic for pensions and insurance, said she’s been informed of some of the contents of the report expected out in days.
“The report will rely on a withdrawal formula that dates back to 1966 and completely ignores how the Canada Pension Plan is currently invested,” Phillips said.
“It will claim erroneously, falsely, that Alberta is owed hundreds of billions of dollars from the fund. This is complete make believe, because if every province claims their quote-unquote ‘share’ of the fund as calculated by this coming report, it would total nine times what is currently stored in the CPP.”
Global News has not seen the report.
The Lethbridge West MLA said a move to a so-called Alberta pension plan would be a “gamble with Albertans’ retirement security” made by Premier Danielle Smith.
Phillips said a taxpayer-funded advertising campaign to “sell” Albertans on the report will accompany the report’s release.
On Saturday’s episode of Your Province. Your Premier, Smith was asked about when Albertans might be able to see that report.
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