“Withdrawing Albertans from the Canada Pension Plan would expose millions of Canadians to greater volatility and would deny them the certainty and stability that has benefited generations,” Trudeau mentioned within the letter.
Smith known as the letter from Trudeau was inappropriate, and believes it was made to show a political level after shedding a Supreme Court ruling on October 13, 2023.
“He’s trying to overstate it to make some kind of political point, and quite frankly, I just don’t think that that’s helpful,” defined Smith. “I think we should allow for the process to play out, let Albertans decide because we do have a constitutional right to manage our pensions, under Section 94 of the constitution if the Prime Minister would like to look that up.”
A report the province commissioned mentioned Alberta is entitled to greater than half the property of the $575-billion fund. Smith mentioned, due to Alberta’s younger inhabitants and better workforce participation, the province has overpaid into the Canada Pension Plan.
“There’ll be some impact to the rest of Canada if Alberta chooses to go it’s own way with the assets we believe we’re entitled to, but it’s a matter of $175 per person,” mentioned Smith.
Smith provides that it will be extra constructive for the Prime Minister to supply an alternate calculation, quite than a letter.
“We believe that this is a decision that should be made by Albertans,” mentioned Smith. “It’s why we’re putting forward pension legislation in the fall. [It] guarantees that benefits will be the same or higher contributions will be the same or lower. All the assets transferred would be for the purpose of supporting our seniors and the pension plan.”
The authorities held its first of 5 phone city halls earlier this week, permitting Albertans to be taught extra in regards to the proposed plan to depart the CPP and to provide their enter.
Some members voiced help for the exit and for the creation of a brand new provincial pension plan.
Others, nevertheless, criticized the way in which through which the federal government goes in regards to the consultations. One caller mentioned the province’s on-line survey presupposes that Alberta will depart the CPP and didn’t give any choices for individuals to say that they didn’t want to go down that route.
At the top of the day, the Government of Alberta is required to carry a referendum on the matter earlier than it might probably probably be authorized.
READ MORE: Province claims leaving Canada Pension Plan might save Albertans billions
READ MORE: Albertans demand particulars, threat evaluation in phone city corridor on quitting CPP
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