Alberta Premier Jason Kenney says his government will make a decision this spring on whether to pursue pulling Alberta out of the Canada Pension Plan.
But Kenney says even if the United Conservative government proceeds, Albertans will have the final say through a referendum on whether to create an Alberta Pension Plan. Treasury Department officials are currently studying the feasibility of Alberta going it alone on a provincial plan.
The move follows a report released last summer from the province’s Fair Deal panel, which reported, given Alberta’s young population, a separate pension plan could be a multi-billion-dollar net benefit. However, the panel also noted it received a lot of reaction both for and against a separate plan and that Albertans want assurance the money will be there when they retire.
Kenney made the comment March 10, when asked by Rachel Notley, leader of the province’s New Democratic Party, about the pension plan project during committee discussions on the 2021 Alberta budget.
“We are awaiting results of a technical study being led by Treasury Board and Finance in co-operation with external experts to look at the costs, the benefits and the potential structure of an Alberta Pension Plan, similar to the Quebec Pension Plan,” said Kenney. “If the conclusion is that it would be a net benefit to Alberta and our economy while strengthening our province, then we may proceed with that referendum. Final decisions on that will be made later this spring.”
Alberta is already proceeding with a referendum in October on whether it should try to seek a more beneficial deal on equalization payments.