Alberta’s early consultations on provincial pension proposal criticized by CPP Investment Board

Canada Pension Plan Investment Board is criticizing the Alberta government’s early outreach on a controversial plan to establish a provincial pension plan, alleging it shows “undisguised” bias and aims “to direct opinions rather than seek them.”

In response, Alberta Finance Minister and Treasury Board President Nate Horner said in a written statement that the CPPIB “has a vested interest in maintaining the status quo.” A preamble to the survey repeats estimates from the LifeWorks report that Alberta could reap “$5-billion in yearly savings” from lower pension plan contribution rates, which could potentially reduce premiums paid by individuals and businesses by as much as $1,425 each year. Critics have said those are best-case estimates relying on shaky assumptions that minimize the risks involved in withdrawal from the CPP.

CPPIB also criticizes an advertising campaign the government launched as “unbalanced and incomplete,” as well as “undisguised in its bias toward the APP.”

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