The Alberta government has finished its first round of engagements on the Alberta Pension Plan (APP), holding five telephone town halls and having 76,000 people participate in its consultations. “It’s fair to say we heard from many Albertans who oppose the idea of exiting the Canada Pension Plan (CPP) and moving to an Alberta plan,” said APP Engagement Panel Chair Jim Dinning at a Friday press conference. “Many of them quite passionate.” Dinning called this “a sensitive issue for a lot of people, but especially those who worry about a vital source of their retirement income.” While Dinning heard from people opposed to the APP, he said he learned many are in favour of one. Some said they supported the APP because it was about taking greater control of Alberta’s destiny, others found it a positive way to enhance the financial sector and others wanted the benefits it could offer. At the moment, he said there are many people who need more information before deciding their stance. While there are many questions, he noted the main one is what is Alberta’s share of the CPP assets if the APP is established. From the panel’s perspective, uncertainty around the asset transfer is a barrier to moving engagement discussions forward. When many variables about it depend on the size of the asset transfer, he said it is tough for Albertans to provide their opinions. The panel had intended to hold in-person town hall meetings in December and January after the telephone ones in October and November. However, he said they would be pushed off until Albertans have greater clarity about an asset transfer number. The Canadian government has committed to asking the Office of the Chief Actuary for its perspective. While this perspective might not settle the matter, Dinning acknowledged it will provide additional context and make the panel’s conversations with Albertans more productive. In the meantime, it will engage in discussions about how the investment fund should be managed, aspects about benefits and administration, and issues around portability. It released a workbook on the APP’s website, inviting people to read, examine and comment on it. Dinning added people should be open, honest and frank when doing the workbook. On behalf of the panel, he thanked everyone who has participated in the process so far. Alberta Treasury Board President and Finance Minister Nate Horner said the government understands the concerns and questions about the APP. “When I was first briefed on the LifeWorks report, I had many of the same questions,” said Horner. “I did see the potential and now understand the importance of provincewide deliberation and the promise the report holds, but I also saw the need for assurances while we have these important discussions.” To offer assurances, Horner said he introduced the Alberta Pension Protection Act to tell people their futures and retirements are secure no matter what. He said Albertans “have worked hard to build a solid economic foundation for our province and the entire country has benefited from our efforts.” The Alberta government voted 45-32 to establish certain requirements before it moves ahead with the APP on Thursday. READ MORE: Alberta government approves Alberta Pension Protection ActAlberta United Conservative Party MLAs voted in favour of the Alberta Pension Protection Act, while NDP MLAs voted against.Over the last few weeks, Horner said he had listened to the debates around the Alberta Pension Protection Act. Dinning followed up by saying the APP Engagement Panel will plow on. “It’s the only way we’re going to engage more Albertans,” he said. “I said back in September this is a rinsing and soaking process.” In September, he said Albertans did not have all of the facts. Now they have them. An 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 has finished its first round of engagements on the Alberta Pension Plan (APP), holding five telephone town halls and having 76,000 people participate in its consultations. “It’s fair to say we heard from many Albertans who oppose the idea of exiting the Canada Pension Plan (CPP) and moving to an Alberta plan,” said APP Engagement Panel Chair Jim Dinning at a Friday press conference. “Many of them quite passionate.” Dinning called this “a sensitive issue for a lot of people, but especially those who worry about a vital source of their retirement income.” While Dinning heard from people opposed to the APP, he said he learned many are in favour of one. Some said they supported the APP because it was about taking greater control of Alberta’s destiny, others found it a positive way to enhance the financial sector and others wanted the benefits it could offer. At the moment, he said there are many people who need more information before deciding their stance. While there are many questions, he noted the main one is what is Alberta’s share of the CPP assets if the APP is established. From the panel’s perspective, uncertainty around the asset transfer is a barrier to moving engagement discussions forward. When many variables about it depend on the size of the asset transfer, he said it is tough for Albertans to provide their opinions. The panel had intended to hold in-person town hall meetings in December and January after the telephone ones in October and November. However, he said they would be pushed off until Albertans have greater clarity about an asset transfer number. The Canadian government has committed to asking the Office of the Chief Actuary for its perspective. While this perspective might not settle the matter, Dinning acknowledged it will provide additional context and make the panel’s conversations with Albertans more productive. In the meantime, it will engage in discussions about how the investment fund should be managed, aspects about benefits and administration, and issues around portability. It released a workbook on the APP’s website, inviting people to read, examine and comment on it. Dinning added people should be open, honest and frank when doing the workbook. On behalf of the panel, he thanked everyone who has participated in the process so far. Alberta Treasury Board President and Finance Minister Nate Horner said the government understands the concerns and questions about the APP. “When I was first briefed on the LifeWorks report, I had many of the same questions,” said Horner. “I did see the potential and now understand the importance of provincewide deliberation and the promise the report holds, but I also saw the need for assurances while we have these important discussions.” To offer assurances, Horner said he introduced the Alberta Pension Protection Act to tell people their futures and retirements are secure no matter what. He said Albertans “have worked hard to build a solid economic foundation for our province and the entire country has benefited from our efforts.” The Alberta government voted 45-32 to establish certain requirements before it moves ahead with the APP on Thursday. READ MORE: Alberta government approves Alberta Pension Protection ActAlberta United Conservative Party MLAs voted in favour of the Alberta Pension Protection Act, while NDP MLAs voted against.Over the last few weeks, Horner said he had listened to the debates around the Alberta Pension Protection Act. Dinning followed up by saying the APP Engagement Panel will plow on. “It’s the only way we’re going to engage more Albertans,” he said. “I said back in September this is a rinsing and soaking process.” In September, he said Albertans did not have all of the facts. Now they have them. An 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.”
