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Alberta would need to negotiate international agreements if it quits CPP: Freeland

Federal Finance Minister Chrystia Freeland says that if Alberta were to quit the Canada Pension Plan, it would need to launch a “complex and multi-year process” of negotiating international social security agreements to deal with contributors who work abroad.

Freeland said that’s just one of the steps the Alberta and federal governments would need to take if Premier Danielle Smith decides to withdraw the province from the federal retirement plan and set up a provincial program.

Her remarks came after a virtual meeting today with provincial finance ministers in which she said they discussed the consequences of Alberta going ahead with its proposal.

Freeland, who called herself a “proud daughter of Alberta,” said she is hearing from Albertans who are concerned about the idea and is asking the chief actuary to look into the details of such an asset transfer.

The Alberta government argues that its workers have contributed an oversized share to the national fund and would be in line for big savings and payouts if the province were to leave the CPP.

Smith had planned to hold a referendum on leaving the CPP in 2025, but now says she won’t go ahead with such a vote until governments or the courts deliver a hard number on how much Alberta will get if it leaves the plan.

More to come …

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