Albertans offered chance to look at study on pension plan

By Rob Vogt; Photo by Chris Schwarz/Government of Alberta
The provincial government will provide Albertans the chance to look at a study examining the feasibility of a provincial pension plan replacing the Canada Pension Plan in the province.
On Sept. 21, the provincial government issued a release stating the report, created by the independent consultant LifeWorks, suggests an Alberta Pension Plan could save Albertans billions each year, with lower contribution rates, higher benefits and stronger benefit security for families and retirees.
It was stated Alberta’s young population, high employment rates and higher pensionable earnings have meant the province has contributed billions more into the Canada Pension Plan than what was required to fund benefits paid to Alberta seniors.
Over the fall and into spring 2024, an engagement panel will gather feedback from Albertans on their thoughts, suggestions and concerns about a provincial pension plan. The panel will submit a report to government based on the provincewide engagement. A referendum indicating support from a majority of Albertans would be required to pursue an Alberta Pension Plan.
The government also plans to introduce legislation in the fall 2023 session that, if passed, would require a referendum before the province could withdraw assets from the Canada Pension Plan to establish an Alberta Pension Plan. It would also guarantee the same or lower contributions, and the same or better benefits for seniors. It would ensure the assets transferred can only be used to provide a pension. Having legislation in place will safeguard Albertans’ pensions and benefits for generations to come.
The release stated bringing forward the possibility of an Alberta Pension Plan through the release of the independent Lifeworks report will ensure Albertans are well-informed to make a decision about their future.
The government contracted LifeWorks to conduct a review and issue a report on a potential Alberta Pension Plan following a 2020 recommendation by the Fair Deal Panel.
The original report was completed using the Dec. 31, 2018, Canada Pension Plan actuarial valuation. LifeWorks has updated the report to include the most up-to-date public figures, which were released at the end of 2022.
The report, summaries and answers to frequently asked questions are available online.
As details are finalized, the engagement panel will post information on virtual town halls and other engagement activities across the province.