‘It would be punitive’: Alberta’s pension proposal troubles N.L. premier | CBC News

Newfoundland and Labrador Premier Andrew Furey happened to be in the Fort McMurray area of Alberta when he learned the details of the province’s recent announcement about pensions.

On Thursday, Alberta released a report focused on the possibility of establishing an Alberta-only pension plan.

“We’re still doing an analysis,” Furey said in an interview of his reaction to the announcement. “And it’s rudimentary at this particular moment in time, but I think what is accepted is it would be punitive to many different jurisdictions around the country.”

Furey said it would be premature to draw any conclusions without doing a more robust analysis from Newfoundland and Labrador’s perspective, but one thing was clear to him.

“I think it’s safe to say you can’t withdraw half of the CPP and not expect to have a ripple effect across the country,” he said.

The Alberta report stated that the province may be entitled to a $334-billion asset transfer from the Canada Pension Plan in 2027, which would represent more than half of the fund’s estimated total net assets.

That figure drew skepticism from economists and from Michel Leduc, the senior managing director at CPP Investments, which invests on behalf of the CPP. On Thursday, Leduc called the $334 billion an “impossible figure.”

Being in Alberta at the time, Furey requested a meeting with Premier Danielle Smith, which was accepted. Today the two discussed a number of matters of shared interests, including the pension plan, Furey said.

“It’s my opinion that Canada works better when we work together, and we need to avoid working in silos. We need to avoid the often political magnetism of territorialism,” he said. “But we need to make sure [that] as any areas or regions of the country [are] doing well, [they are] looking after other regions that aren’t.”

One of the unanswered questions remaining after the release of the report is how other Canadians might be impacted (aside from Quebec, which operates its own pension plan) — and how premiers outside of Alberta might react to the plan.

With that in mind, CBC News reached out to each of Canada’s premiers, requesting comment on Alberta’s plans.

Officials in Saskatchewan’s ministry of finance are currently reviewing the report put out by Alberta, a spokesperson said. The government of Saskatchewan has not considered withdrawing from the Canada Pension Plan, he added.

Other premiers begin to react

Asked about Alberta’s plan during a press conference tied to the land swap for the province’s protected Greenbelt, Ontario Premier Doug Ford said he hadn’t yet had the chance to speak with Alberta Premier Danielle Smith.

“I definitely plan on doing that. You know, the way I look at it, Ontario is the engine of Canada. Ontario supports other provinces and territories,” Ford said. “We always believe in, being the largest province, and other provinces may be struggling the smaller provinces, we’re there for them. We’ve always been there, the territories as well.

“We live in a country that everyone shares responsibilities. And we always believe in making sure that we’re a leader in the country on all fronts, and we’ll be there to always support [our] colleagues and other provinces and territories.”

Asked for additional comment on Friday, a spokesperson for Ford said his comments from Thursday stood today.

In a statement, Nunavut Premier P.J. Akeeagok said that Nunavut recognized the importance of the CPP to Nunavummiut, and Canadians more generally, as a support for people in their retirement.

“National programs like the CPP are meant to benefit all Canadians equally, and work best when we work together,” Akeeagok wrote.

More to come…