By Canadian Press

Alberta says chief actuary’s pension plan report offers no estimate of its share

Dec 19, 2024 | 12:30 PM

EDMONTON — The Alberta government says it has heard back from Canada’s chief actuary on its bid to leave the Canada Pension Plan, but there’s no estimate on how much the province should get.

The province has been waiting for months for the review and a figure.

“We received their interpretation of the legislation, but it did not contain a number or even a formula for calculating a number,” Justin Brattinga, press secretary to Finance Minister Nate Horner, said in an email Thursday.

“We are still analyzing the report and will have more to say at a later date. We would not consider moving forward with a referendum on the issue until after we have a firm number to provide Albertans.”

It wasn’t clear whether a firm estimate is expected or forthcoming from the federal government.

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The federal finance ministry and the office of the chief actuary didn’t immediately respond to questions.

The pension plan issue took off after Premier Danielle Smith’s United Conservative Party government won the 2023 provincial election.

Her government estimates Albertans deserve $334 billion — more than half the national retirement plan, while the Canada Pension Plan Investment Board has pegged it closer to $100 billion.

Smith has said she wants to see what the federal estimate is, then put it to Albertans to see if there’s appetite for a referendum.

The premier told The Canadian Press in an interview earlier this month that getting a firm number “does matter.”

“If it is an amount that doesn’t allow for us to significantly reduce premiums or give a rebate to existing pensioners, then Albertans might decide it isn’t worth it,” Smith said.

“If it allows for us to do both — increase the amount that pensioners can get as well as reduce contributions significantly — they might decide otherwise.”

Smith has argued Albertans are getting a raw deal under the national plan by putting in far more than they receive.

Last year, her government put public consultations into leaving the CPP on hold amid demands they revolve around an agreed number.

This report by The Canadian Press was first published Dec. 19, 2024.

Lisa Johnson, The Canadian Press