The Alberta government voted 45-32 to establish certain requirements before it moves ahead with the Alberta Pension Plan (APP). Alberta United Conservative Party MLAs voted in favour of the Alberta Pension Protection Act, while NDP MLAs voted against it.Over the last few weeks, Alberta Treasury Board President and Finance Minister Nate Horner said he has listened to the debates around the Alberta Pension Protection Act. “Bill 2’s core purpose is to protect Albertans’ pensions,” said Horner in a Wednesday speech in the Legislative Assembly of Alberta. “If passed, the Alberta Pension Protection Act will commit to Albertans that they have the choice to decide through a referendum.” If passed, Horner said it would guarantee the APP would offer the same or better benefits than the Canada Pension Plan (CPP) with the same or lower contribution rates. When funds are transferred from the CPP, he confirmed they would be restricted to setting up the APP. Since the Alberta government values people’s voices, the bill would grant them the final say through a referendum whether or not it moves forward. This would lock in the promise to affirm they have the final say. During the debates, Alberta NDP MLAs said no such guarantees are possible. The Canada Pension Plan Act states if provinces want to withdraw from the CPP, they have to show provincial pension plans offer equivalent benefits. He acknowledged Albertans have worked hard for their retirements. Under the Alberta Pension Protection Act, he said it “would give Albertans both the voice and choice that acknowledges this hard work and protects those contributions.” Horner added the Alberta government will continue to listen to people to protect their futures. If passed, it will protect and secure their benefits for years to come. Alberta NDP House Leader Christina Gray called the Alberta Pension Protection Act “the number one concern of so many Albertans as we’ve seen from our inboxes, as the government has seen from theirs.” “The government house leader says he hears frustration and anger from the NDP,” said Gray. “We are hearing frustration and anger from our constituents, from seniors in this province.” Gray said it is the NDP’s job to reflect that and the government should be listening to it. However, it did not listen and opted to curtail debate. The APP could save Albertans billions of dollars each year, with lower contribution rates, higher benefits and stronger benefit security for families and retirees, according to a September report conducted by LifeWorks. READ MORE: UPDATED: Report says Alberta provincial pension move could save people billions“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 Alberta Premier Danielle Smith. “We want to hear from you because it’s your pension, your choice.”The Alberta government brought forward legislation to protect people's pensions and benefits and guarantee the decision to move to the APP is theirs on November 2. READ MORE: UPDATED: Alberta government proposes legislation to protect pensions, benefits“This legislation protects the interests of Albertans and provides them assurance that if they move forward with an Alberta Pension Plan, their pensions and their benefits will always be there for them,” said Horner. “This is their money, built up over years of hard work.”
The Alberta government voted 45-32 to establish certain requirements before it moves ahead with the Alberta Pension Plan (APP). Alberta United Conservative Party MLAs voted in favour of the Alberta Pension Protection Act, while NDP MLAs voted against it.Over the last few weeks, Alberta Treasury Board President and Finance Minister Nate Horner said he has listened to the debates around the Alberta Pension Protection Act. “Bill 2’s core purpose is to protect Albertans’ pensions,” said Horner in a Wednesday speech in the Legislative Assembly of Alberta. “If passed, the Alberta Pension Protection Act will commit to Albertans that they have the choice to decide through a referendum.” If passed, Horner said it would guarantee the APP would offer the same or better benefits than the Canada Pension Plan (CPP) with the same or lower contribution rates. When funds are transferred from the CPP, he confirmed they would be restricted to setting up the APP. Since the Alberta government values people’s voices, the bill would grant them the final say through a referendum whether or not it moves forward. This would lock in the promise to affirm they have the final say. During the debates, Alberta NDP MLAs said no such guarantees are possible. The Canada Pension Plan Act states if provinces want to withdraw from the CPP, they have to show provincial pension plans offer equivalent benefits. He acknowledged Albertans have worked hard for their retirements. Under the Alberta Pension Protection Act, he said it “would give Albertans both the voice and choice that acknowledges this hard work and protects those contributions.” Horner added the Alberta government will continue to listen to people to protect their futures. If passed, it will protect and secure their benefits for years to come. Alberta NDP House Leader Christina Gray called the Alberta Pension Protection Act “the number one concern of so many Albertans as we’ve seen from our inboxes, as the government has seen from theirs.” “The government house leader says he hears frustration and anger from the NDP,” said Gray. “We are hearing frustration and anger from our constituents, from seniors in this province.” Gray said it is the NDP’s job to reflect that and the government should be listening to it. However, it did not listen and opted to curtail debate. The APP could save Albertans billions of dollars each year, with lower contribution rates, higher benefits and stronger benefit security for families and retirees, according to a September report conducted by LifeWorks. READ MORE: UPDATED: Report says Alberta provincial pension move could save people billions“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 Alberta Premier Danielle Smith. “We want to hear from you because it’s your pension, your choice.”The Alberta government brought forward legislation to protect people's pensions and benefits and guarantee the decision to move to the APP is theirs on November 2. READ MORE: UPDATED: Alberta government proposes legislation to protect pensions, benefits“This legislation protects the interests of Albertans and provides them assurance that if they move forward with an Alberta Pension Plan, their pensions and their benefits will always be there for them,” said Horner. “This is their money, built up over years of hard work.”
