OLDS - The provincial government should scrap the idea of forming an Alberta pension plan (APP) and instead concentrate on pressing issues such health care availability for seniors and others, according to a member of the Olds-based Community Lifestyles Committee.
The committee’s Age Friendly Initiative advocates for seniors in the district.
“I think they need to let it go,” said committee member Rita Thompson. “I think there are other bigger issues, like our health care in the province and our housing shortages. There are other things that need to be looked at.
“It’s a big thing to be taking on and there are a lot of other issues that need to be addressed. Do we want to tackle another one?”
The UCP government recently released a report prepared by consultants LifeWorks on the possible creation of an Alberta pension plan (APP) and outlined preliminary plans for public engagement through a government-appointed panel.
Premier Danielle Smith says an APP could “put more money in the pockets of hard-hard-working families and business owners and improve retirement security for seniors.”
Minister of Finance Nate Horner said, “According to the report, an APP could save Albertans $5 billion in the first year alone. We have a responsibility to present these findings to Albertans and gather their feedback.”
The LifeWorks report estimates that Alberta should be entitled to a $334 billion asset transfer from the Canadian Pension Plan in 2027. It also estimates that $5 billion in savings in the first year could be used to boost annual pension benefits for Alberta seniors.
Olds senior Mary Jane Harper said, “Her (Premier Smith) math doesn’t make sense, saying that Alberta is deserving of 53 per cent of the entire Canada pension. All you have to do is look at the population of Alberta and look at the population of Ontario to say the math doesn’t add up.
“Who would be in charge of that that pension plan, if Alberta goes this way? Who’s going to administering it to ensure that we get better returns as compared to what is happening with the Canada Pension Plan right now? Can we really trust our current (Alberta) government to manage that well? So far they haven’t managed the Heritage Savings well or some of the other programs.”
Committee member Thompson added, “The question is, would we receive a pension down the road? Will it even be available? I think the Alberta economy is still heavily dependent on its oil and gas and where is that going?”
Premier Smith has said a referendum indicating support from the majority of Albertans would be required to pursue an APP.
Olds-Didsbury-Three Hills UCP MLA Nathan Cooper told the Albertan, “I have heard from many constituents of Olds-Didsbury-Three Hills who are interested in the concept of an Alberta pension plan. I am very pleased that the premier and minister of Finance released the report as a starting point for this discussion but I am even more pleased that the government has committed to having Albertans make the final decision in the form of a referendum.”
Pursuing an Alberta pension plan would be unreasonably risky, according to the official Opposition NDP and some other groups and organizations.
“With no way to predict inter-provincial negotiation outcomes, this asset number is almost certainly a fantasy. The $334 billion would not materialize but the risks would be real to Albertans,” said Gil McGowan, president of the Alberta Federation of Labour.
An engagement panel, chaired by former MLA Jim Dinning, will submit a report to the government based on public input, say officials.
Community Lifestyles Committee member Thompson says her group will certainly be making comments during the engagement process.
“Absolutely if there is an opportunity for us to present, we will definitely do that,” said Thompson. “We have done that for affordable housing and we’ve done that for health care.”
The committee will be seeking more information on the proposed APP before coming out with an official stance on the matter, said Thompson.
Meanwhile, the official Opposition NDP has launched its own pension survey, at AlbertasFuture.ca. It asks respondents: “Should Alberta leave the Canada Pension Plan?”
