Albertans will have a chance to review a report on the creation of an Alberta Pension Plan (APP).
This report was created by independent consultant LifeWorks and suggests that APP could save Alberta billions each year.
“This report shows a made-in-Alberta pension plan could put more money in the pockets of hard-working families and business owners and improve retirement security for seniors,” said premier Danielle Smith. “We want to hear from you because it’s your pension, your choice.”
According to the report, Alberta has contributed $60 billion more into CPP than what they get out of it, and by leaving CPP, Alberta should be entitled to a $334-billion asset transfer.
Apparently this could include a significant increase to senior’s monthly pension, and maybe even a $5,000 to $10,000 bonus payment at retirement.
“We ask Albertans to look at the facts, participate in the discussions and then tell us what they think about an Alberta Pension Plan and the different options we must consider,” said Jim Dinning, chair of the APP engagement panel. “We expect our conversations will be complex and, at times, fiery, but people engaged in debate reminds all of us how important sound public policy is for our security and prosperity. Albertans will figure this out.”
You can read about the pension plan yourself and provide feedback by reading the report here.