On Friday, Finance Minister Nate Horner used what was billed an “Alberta Pension Plan engagement update” to announce the United Conservative Party Government will “pause” its effort to persuade Albertans the province should take over more than half the assets of the Canada Pension Plan and use them to set up a homebuilt version.
Mr. Horner tried to make it sound as if Alberta is giving the Chief Actuary of Canada some extra time to come up with an estimate of how much of the CPP’s assets Alberta would really be entitled to if it pulls out, but if you listen carefully to the recording of the news conference, it sure sounds more like a strategic retreat than a mere pause.
Yes, the Alberta pension plan enthusiasts in the UCP hope to regroup and try again. And on Thursday the Legislature passed legislation requiring a referendum to be held before the province could exit the CPP – although the bill doesn’t say the government has to accept the results of the vote.
But, no, Albertans are clearly not buying what they’re selling.
Jim Dinning, the former Progressive Conservative finance minister hired as chief snake oil salesman for Premier Danielle Smith’s plan to hijack Albertans’ CPP savings, sounded positively dispirited as he tried and failed to put an upbeat spin on the government’s efforts to build public support for the scheme.
“It’s fair to say that we heard from may Albertans who oppose the idea of exiting the Canada Pension Plan and moving to an Alberta plan, many of them quite passionate,” Mr. Dinning stated gloomily.
“There is no doubt that this is a sensitive issue for a lot of people, but especially those who worry about a vital source of their retirement income,” he continued, which is surely a colossal understatement.
“We also heard from a number of Albertans who are entirely in favour of an Alberta pension plan,” he claimed, recycling some old talking points. “Some of them supporters of the government taking greater control of the province’s destiny. Some thinking it a good way of enhancing our financial sector. And others supportive of an APP because of the savings it might offer, either higher benefits or lower premiums, or both.”
Alas, the problem with these categories of APP supporters is that the first group is almost entirely restricted to the Q-adjacent lunatic fringe of the UCP, the Take Back Alberta and Free Alberta Strategy fanatics close to Ms. Smith, the second is presumably made up mostly of employees of the Alberta Investment Management Corp., and the third doesn’t really exist. That is to say, as Mr. Dinning soon made clear, almost no one believes the Lifeworks consultant’s report commissioned by the UCP that claims Alberta should be allowed to walk off with 53 per cent of the CPP’s assets.
“There are many people – many people – who still need more information before deciding,” Mr. Dinning continued. “They’re concerned about how an Alberta plan investment fund would be managed, whether their pensions would remain portable, and, of course, the big question is the number: What is Albertans’ share of the Canada Pension Plan assets if an Alberta plan is established. Albertans want greater clarity around that asset transfer.”
Hence the pause.
Mr. Dinning’s problem is that no one believes the UCP’s numbers, almost no one trusts Ms. Smith’s fantastical claims, and his own reputation, as predicted in the space, is well on its way to being left in tatters.
Best just to sit the whole thing on the back burner for a while and see if there’s something in the asset transfer numbers expected from the Chief Actuary early next year. Readers can count on it the figure will be nothing like 53 per cent – a claim ridiculed by economists, politicians in other provinces, and the CPP Investment Board alike.
“From the panel’s perspective, uncertainty around that transfer is a barrier to moving our engagement discussions forward in a meaningful way,” said Mr. Dinning, stating the obvious.
“It is hard for Albertans to provide concrete perspectives when many variables concerning an Alberta plan depend upon the size of that asset transfer,” he added, which is a nice way of saying it’s hard for Albertans to buy into such a dubious scheme when nobody believes the number the province’s consultant came up with.
It doesn’t help either that it’s widely understood the UCP wants to use the money to prop up Alberta’s fossil fuel industry as the rest of the world moves toward electrification.
So the planned in-person meetings to press the issue are off – for now at least. “We believe it would be prudent to schedule these meetings after Albertans have greater clarity about an asset transfer number.”
I’ll say! At this point, they might be risking a lot of seniors showing up with pitchforks and torches!
The horse Mr. Dinning signed on to flog is not yet officially declared dead, but it sure doesn’t look healthy enough to pull this rickety bandwagon!
Rachel Notley – still there … for the moment
As many readers were quick to point out, NDP Opposition Leader Rachel Notley did not confirm the worst-kept secret in Alberta politics on Friday, as predicted in this space that morning.
Your blogger is not prepared just yet to eat a heaping dish of crow, however.
Tout le monde Alberta NDP has been in a swivet for weeks, with would-be candidates testing the water for the as-yet-undeclared race to replace Ms. Notley and some of them going so far as to line up campaign volunteers and staff.
Obviously, the former premier is going to have to say something very soon, and while many New Democrats might be happy with no change, there are going to be some very unhappy ambitious MLAs if the answer is that she’s sticking around.
I recall Mr. Dinning years ago was bit of a PC golden boy hope, actually liked by the public. He then tarnished himself a bit by attaching himself to Klein, but still kept some respect by party members. Although unfortunately for him in a party where there was suspicion of moderates, not enough for him to become Premier. Then he sacrificed a bit more of his credibility by attaching himself to Smith’s kooky pension plans, again this time gaining little. I do see a pattern of poor political judgement here, so it is clear to me why he never became Premier.
I’m not sure he is the one pulling the plug on the pension debacle. It may be someone more politically astute in the UCP. In any event, it does not take a political genius to see whatever pension bafflegab the UCP is trying to sell, Albertans are really not buying it. The UCP might not be quite willing to declare the horse they are flogging dead yet, but I doubt at this point it can be resuscitated. Someone probably should explain this all to Dinning so he can catch up, or on the other hand why bother. They will probably just instruct him accordingly when appropriate.
Tactically it is probably best to try take attention away from an embarrassing climb down, so how about a proclamation of the Sovereignty Act or whatever it is called to distract us? The UCP is full of kooks, but it also has a few political strategists sharper than the former Premier want to be they tried to use as a reassuring front man for this scheme and who may end up the only one actually duped in this process.
The UCP are stalling on the provincial pension plan ans playing undemocratic games. They know it’s a very bad idea, but they want it pushed right on through, regardless of the justified opposition to it. Rachel Notley should stick around and remain premier of Alberta, because Danielle Smith won’t last much longer as premier. It would be absolutely stupid to give the UCP another term, considering how bad they were already.
I will be really disappointed if Rachel Notley goes. It was so lovely to hear from a straight shooting intelligent woman representing Alberta. I hope you are wrong about this because we dearly need politicians with good progressive ideas and the ability to deliver them clearly.
Perhaps Ms. Notley read your previous post, where you describe her departure from politics and decided to play a little joke on you?
It is really sad that time after time the UCP keep bringing back bad ideas and flogging them as some new and improved ideas. This is not the first attempt at turning CPP into an APP. I recall writing a note to the Premier at the time with my objection. Funny how the Conservatives listened and the UCP does not.
As the saying goes, the UCP are not retreating, they are advancing in a different direction.
Regarding Ms. Notley, as a Premier she was very good but she could have done more, a lot more.
I had never heard or read the word ‘swivet’ before and now I plan to use it on the regular. As in, “How’s it going, eh?” “Oh, you know, always in a right swivet these days.”
B.D.A.: Delighted to be of service. DJC
There are various versions of Oxford dictionaries in five different rooms in my house. One just got replaced.
It’s good to know that, like Jason Kenney’s government, the Q-adjacent loony right of Danielle Smith and the Free Alberta Fantasists recognizes reality—when you rub their nose in it hard enough.
How many times for years have I heard from hucksters that can guarantee returns of a gazillion dollars if they could only use your 10 K for a year?
Yes. It is a serious redflag when your first financial evaluation (the Alberta share) is totally out to lunch. Again when politicians prove they are financially challenged complete idiots ….believe them.
And I dont get the Alberta contribution connection.
In my mind I made a personal investment as a Canadian matched by my employer to a Canadian pension plan. Where I made my money is not relevant. Again when politicians say they want to swindle you out of your money ….believe them.
If Alberta wants a pension fund start that option as a personal/employer option and start collecting money to throw down the AIMCo hole…but LEAVE MY CANADA PENSION ALONE!!!
Appears math is still hard for Albertan conservative politicians …
Isn’t it too bad we can’t hold Jim Dinning responsible for slashing taxes and royalties and dumping the orphan well cleanup mess in our lap’s putting this Province in financial ruin. And Lyle Oberg for destroying our healthcare system under Ralph Klein.
“Fall back! Rally to the standards! Form ranks and WAIT FOR IT!” Every good field commander knows when to make a tactical withdrawal. So where did Danielle Smith find a good field commander to run her Alberta Pension Scam? (Is this happening because Danielle herself, the Queen of Stubborn, isn’t back from her vacation trip in Dubai?) Mr. Dinning must be devastated that his last shot at fame (and maybe fortune) is being crushed by cold, hard reality.
Yeah, they’ve heard from many Albertans, all right. And we sure do oppose this arrogant stupidity. I notice Dinning didn’t’ actually state the number of supporters who liked the idea. If the UCP/ FAF True Believers can’t ignore the odds, their support must truly be tiny. It’s mostly the owners of small oil companies, the ones who convinced Smith to be their talking head for the R-Star giveaway program. Them, and the usual number of “I want my money NOW!” types who don’t understand that a small bonus NOW is worth less than a larger pension LATER.
Hence the tactical withdrawal. The best response we can make is to keep the pressure on. Push Smith and Anderson even further back. Keep telling them “Hands OFF my pension!”
Mike: I believe Mr. Dinning said in response to a reporter’s question that about 50 per cent of the people at the pension engagement sessions opposed the APP and 20-25 per cent supported it. I would guess the split in Alberta is more like 90 per cent against, 10 per cent in favour, and I am sure the government (and Mr. Dinning) know the true number, whatever their polling tells them, perfectly well. But 20-25 per cent of the people turning out for an online session might be possible if every UCP aide and every AIMCo employee was made to show up. DJC
Angus Reid has some information on that. It seems about one third of Albertans are dumb enough to put their eggs in Danielle Smith’s (actually, Barry Cooper’s) basket.
https://www.cbc.ca/news/canada/calgary/canada-alberta-pension-plan-angus-reid-institute-shachi-kurl-1.7055175
Hmm…so, Notley hasn’t quit yet. I’m not sure what to make of this.
Frankly, I was disappointed by one aspect of Rachel Notley’s politics: her unquestioning support of the oil industry. Granted, Notley at least slowed the growth of carbon pollution. The first actual agreement between the bitumen companies and environmentalists to cap carbon pollution (100 million tons per year, was it?) was a critical step. (International criticism—remember the EU “dirty oil” campaign of 2006?—was a powerful kick in the pants to get things started.)
But Notley’s advocacy for continuing, and expanding, the bitumen industry was misguided—at best. Even the current oil-price boost, courtesy of 1) Vladimir Putin’s war on Ukraine and 2) OPEC propping up prices with a production cut, can’t change the fact that bitumen is basically garbage. It’s literally the gunk scraped from the bottom of the oil barrel. Too runny for road tar, too thick for anything else.
Alberta’s bitumen extraction will be the first casualty of the coming reduction of global oil consumption. Face it, friends; we’re just a bit player in global oil markets. Danielle Smith has been finding that out in Dubai. Let’s see how many big deals she brags about at her first presser. Let’s see how many “deals” become projects with actual hardware and real jobs.
Danielle Smith has her head too far up corporate…well…to recognize reality. Has Rachel Notley learned she can—and MUST—stand up to Alex Pourbaix, Rich Kruger and (especially!) the noisy locals who complain the most?
Rachel Notley must go ASAP. She’s got nothing left in the tank.
We need a not-so-polite street fighter to take on Batshit’s UCP/TBA.
Is there any Social Democrat in Alberta who could fire up the crowd like Tommy Douglas? That’s the kind of person we need.
Hurry up and find someone like that and we might stand a chance to save Alberta from the fascist hordes.
Can’t be that hard to find a eugenicist who supports the apartheid colonial settler project in Palestine. Maybe Bob Rae would give provincial politics another shot? I wonder how Heather McPherson feels about sending the morally lax and the dim off to concentration camps?
Has anyone here read confessions of an economic hitman ? After I read that book the relationship Rachel Notley has w the oil and gas industry made a LOT more sense. How did her father pass again?
All I’m sayin is an ambassadorship is quite ascendant for a gal from the peace country.
And to quibble with your point about oil prices, it’s the unilateral and illegal sanctions imposed by the United States government that has driven up the price of oil (and gas) so they could force the EU to buy their (more expensive & stolen in the case of Syria) oil and gas. Blame Putin all you want but the name you’re looking for is Biden
Heaven forbird a war should be fought for economic reasons! It’s totally the Pewtin’s fault. When the US overthrew the government of the Ukraine in 2014, he was supposed to invade, raise the ire of his oppressed subjects who would overthrow him and let the US balkanize the Russian state. He’s such an uncooperative jerk that he let the Galician Banderites run amok in Donbas for eight years until the US state had no choice but take matters in hand and cut off their German vassal from its supply of Russian hydrocarbons.
“…they might be risking a lot of seniors showing up with pitchforks and torches!”
Not just Albertans. Should the heir apparent to 24 Sussex Drive as anointed by Postmedia attempt to give away huge chunks of the CPP, Mr. Peepers would be targeted by bushels of overripe Ontario tomatoes…just for a warmup.
“Some of them supporters of the government taking greater control of the province’s destiny. Some thinking it a good way of enhancing our financial sector.”
The Canada Pension Plan is not the property of any province. It belongs to individual Canadians. It was never intended to prop up a provincial economy, not should it be run by politicians to enhance their budgets. Thus is why it was set up at arm’s length from government: to protect the retirement savings of individual Canadians. Let individual Canadians manage their own destiny: the savings of a lifetime, never meant to be any politician’s fun money.
Jim Dinning has revealed in these words that the very things Canadians fear will come true if Danielle Smith and the UCP get their grubby paws on the Canada Pension Plan. Kiss it goodbye. It will disappear into the void of the War Room, unaccountable to the citizens who contributed their personal earnings over a lifetime.
It gets tiresome repeating this, but it must be said over and over again. This money belongs to individual Canadians, not any government.
Stealing from pensioners is villainous and would indeed be met with pitchforks, for it is manure and Jim Dinning/Danielle Smith/the entire UCP government know it. Back down and step away from this evil plan you were not elected to carry out. Remember the French Revolution, ancien régime?
Paying one’s rent or property taxes is compulsory. Paying public pension premiums from employment payrolls is compulsory. If I pay my rent, that money no longer belongs to me, but I am entitled to live in my rental for the agreed term. Taxes and pension premiums are like that—unlike, say, a bank account which one is free to add or subtract from, or to close, as one will, whereas one may not legally opt out of paying into the pension fund from one’s employment pay. And it’s not like paying someone to do work for you and you’re the boss who may supervise and hire or fire as you want. A worker pays pension premiums but may not direct the plan what to do or fire or hire plans as one wants (chi may of course also pay into any number of other plans that pay regular dividends, but the public plan is compulsory with no opt-out; it would be interesting to find out if Alberta would give income tax breaks on earned money invested in an all-Alberta registered retirement savings plan—which, naturally, are owned by the individual: chi may cash them out if needs).
What Canadian workers have is entitlements to pension benefits, roughly weighted by incomes, but not really to something owned by individual Canadians—at least not until the regular, post-retirement cash dividend is received, at which point the entitled beneficiary may do with it as chi wants. Perhaps there’s a fine semantical difference between being owed something and owning something, but the money in public pension plans is not the property of individual Canadians. One may not sell or trade cher public pension entitlement like one may do with something one truly owns outright.
You didn’t mention Quebec’s public pension plan, the QPP, but it sometimes figures in APP advocates’ rhetoric—as in, ‘we only want what Quebec has.’ But Alberta doesn’t have a culture or history as distinctive in Canada as Quebec. Quebec was never part of the CPP because it has uniquely distinctive concerns, that is, the preservation of the french language, Habitant history and culture which it felt better maintained with its own QPP. Chronic out-migration to other provinces might be somewhat ameliorated by whatever pension benefits, whenever they are competitively superior to the ROC, or CPP, that the QPP can offer. Nevertheless, over 2% of interprovincial migration in Canada comes FROM Quebec whereas almost 10% goes TO Alberta, the highest interprovincial in-migration in Canada by far, and double that of second-place BC (they are the only two provinces with positive numbers). Thus, Alberta is unique in wanting (officially) to opt out of the CPP which it’s been part of since its inception, but that in no way equates with Quebec’s uniqueness, not in quality or, with over twice the population as Alberta’s, in quantity (reminding that, with respect pensions, size matters—which is why workers forfeit individual ownership of some of their pay in return for the benefits of being part of a large collective from which they are assured of eventual entitlement of post-retirement income).
But if I understand your point, Alberta does not constitute a distinct entity with respect the CPP which is solely concerned with Canadian pensions, calculated upon wherever the beneficiaries earned their entitlement or wherever they chose to spend it once they retire. It might be that because Alberta attracts workers from a younger age-group and from across Canada to work at relatively high-paid jobs for a longer career period, those workers have contributed proportionately more than workers in some other provinces (for which the Alberta workers will receive higher benefits when and wherever they retire) but it is irrelevant to the CPP (illustrated with the mental exercise of asking ‘what if,’ say, Ontario, with almost four times the population, demanded the same supposed ‘share’ based on the same ‘entitlement formula’ as the UCP has put forward?)
Of course the CPP is not owned by any province (only the QPP is “pwned” by a single provincial plan). The UCP’s obscurantist math is the same as with its caterwauling about federal transfer. But “Alberta” itself doesn’t pay into the pot of federal income taxes per se, rather the pot is replenished annually by Canadian workers wherever they work (and is supplemented with other federal government revenues besides personal income taxes).
Did Danielle Smith go to Dubai to get some tips from the source for running an absolute monarchy?
https://en.wikipedia.org/wiki/Absolute_monarchy
Its still hard to stop laughing at Smith’s 53% figure. If we work with her figure, Alberta is entitled to 53%. what if B.C. decides to leave? We’ve got about the same population. Where would our 53% come from? Then there is Ontario. What if Ford says they’re leaving the pension plan and they want way more than 53% because they have a much larger population?
Not even a lot of Albertans believe the province is entitled to 53% or that they would be able to access that large a share of the CPP. It is doubtful that the majority of Albertans want to exit CPP. Things are a tad unsettled in the world these days. It is doubtful any one wants to mess with their pension plan. Who would be on this new pension board? Real experts or Smith’s friends and political backers? How would people moving in and out of Alberta secure their share of the pension plan?
The problem with upsetting retired pensioners is, they have nothing but time to protest.
it would be best if Smith forgot all about this little venture and find someother way to access the money she wants. How about a sales tax?
“The problem with upsetting retired pensioners is, they have nothing but time to protest.”
That’s for sure.
And they vote.
I see it interesting that Mr. Dinning was put up there to say all this while Danielle was out of the country. When Mr. Pawliver didn’t go along with the APP idea that really made it a difficult sell. Whether this program is dead or not I suspect this “update” is just preparing the ground to blame the federal Liberals for wrecking the UCP’s totally excellent plan to help the so-abused Albertan citizens.
After watching the debate over the past few months pertaining to the CPP, and the UCP using it as a political football it has reaffirmed my opinion not to trust the Government to take care of your retirement needs. I have been telling finance students for over twenty years take care of yourself financially first as you never know if and when the Government will be there for you.
The CPP is case in point. Regardless of your political stripe, the CPP folks have done their best to support the average Canadian through prudent investment strategies and decent ROI ( return on investment). Now you have a provincial government who have pillaged the Heritage Trust fund, brought us AIMCO now trying to grab the CPP. Any one with a modicum of history will cringe at their investment acumen.
I wonder how many of these APP advocates that agree with the UCP, would still agree after they take a basic finance course. The Government have their indexed pensions, higher income and the CPP is an afterthought for many in their ranks. Many retied Albertans, are struggling with inflationary pressures, limited incomes and mounting debt unfortunately rely on this pension to make ends meet. It should never be used as a federal grievance or bargaining tool.
Here is a little scene I have adapted from The Godfather 2, which shows an imaginary pension meeting happening between PM Trudeau and Premier Smith.
The part of Mr Corleone is played by JT, Sen Geary is played by DS and Al Neri by CF. (Yes, I realize there are many ironies here, but play along).
FADE UP
(Danielle Smith struts into Trudeaus’s office and sees Trudeau, Freeland, and the head of the CCPIB sitting there).
DS. Well I was under the impression that you and I would talk alone. It’s perfectly all right with me if they are here, but I should tell you that I am a blunt woman and I intend to speak very frankly to you — maybe — more frankly than anyone in my position’s ever spoke to you before.
JT. [regards her cooly] I trust these people with my life, Dani. If I were to ask them to leave, it would be an insult. Now, Alberta has done very well here in Canada. You own, or you control, a huge energy resource. You have contributed much to the CPP. But Albertans have paid exactly the same rates to the CPP what all Canadians are obliged to pay.
DS. Yeah, well let’s cut out the bullshit. I don’t want to spend any more time here than I have to. Alberta wants 53% of the CPP, because we are so freaking awesome.
JT. Now Albertans have actually contributed 16% to the CPP since its inception, am I right?
DS. That’s right.
JT. Now why would we ever consider paying more than that?
DS. Because I intend to squeeze you. I don’t like your kind of people. I don’t like to see you come out to our crazy province – and try to pass yourselves off as decent Canadians. I’ll do business with you, but the fact is, I despise your masquerade — the dishonest way you pose yourself. Yourself, and the whole effin’ country.
JT. Premier, we’re both part of the same hypocrisy. But never think it applies to Canadians.
DS. All right, all right — some people have to play little games. You play yours. So let’s just say that you’ll pay me because it is in your interest to pay me. But I want your answer, and the money, soon. Before David Parker gets mad at me. And one more thing: don’t you contact me again — ever.
[She smirks, and starts to leave]
JT. Uh, Premier — you can have my answer now if you like.
(dramatic pause as DS slowly turns by the door)
JT. My offer is this — nothing. Nothing. Zero.
(she stares at him, confused)
JT. The CPP money is for individual Canadians, not for the provinces to use as a slush fund. You want to set up an Alberta Pension Plan? Go ahead. It will be a supplement to the well managed, safe and secure, high return fund that ALL Canadians enjoy. Let the AIMCO lightweights match CPP returns investing in Alberta junior O & G.
I am not going to spend a penny of political capital indulging your little fantasies, and delusions of power. I would appreciate it if you would personally put up your disdain for the rest of your fellow Canadians for all to see, and ensure Skippy’s caucus is made up of 40 seats from Alberta and Saskatchewan after the next election. Because when the rest of Canada sees how the richest, most selfish province wants even more, and they have to pay for it, they are going to be so pissed. It’s gonna be great!
DS (laughing uneasily as she gets up. Reality and the big picture are not her strong suits. Has she misjudged this?) Good afternoon. [She smiles her best fake smile, opens the door, takes a last uncertain grin, and walks out to the innocent trusting rubes waiting. They greet her effusively].
(Trudeau looks after her, and then slowly turns his gaze upon Freeland, who stares back at him with a small smile, and the eyes of a ruthless killer. She understands what needs to be done. The head of the CCPIB nods his head, and sighs – this is all so unnecessary, and many Albertans are going to have to learn a very hard lesson. Trudeau quietly stares out the window, pondering this political gift from the gods).
FADE TO BLACK
Just a note that Mike Mearns (Joe Waldron in the comments here) died this morning following a short battle with leukaemia, he was 82. He will be remembered for his fierce dedication to the labour cause and love and dedication to his friends and family.
Very sorry to hear this. Thanks for letting us know. DJC
There’s a poll today that says only 48% oppose the APP. I don’t believe it. It’s an online poll with only 392 Albertans in the subsample, so does such a poll mean anything at all?
But I could see Smith arguing that all that money she is wasting on lying ads is having an effect.
https://www.cbc.ca/news/canada/calgary/canada-alberta-pension-plan-angus-reid-institute-shachi-kurl-1.7055175
By the way Premier Smith is reported to be in Qatar today and I thought of a reason why she took her husband to COP28.
Like a major shopping expedition, she needs him to help her carry all her “gifts”.
One more thing, The Narwhal has a scoop everyone should check out:
https://thenarwhal.ca/alberta-renewables-regulator-meeting/
Smith embarrassed herself. She knows it. But..she really does not know better. She let herself get suckered by the Take Back Alberta crowd. Not the first time, won’t be the last time because they pull the strings.
Jim Dinning made a fool of himself. First rate toadie. He knows better. How did he let himself sucked in to this loser??
As for Preston Manning….it is apparently all about a few lines in the media and a fat consulting cheque. No matter that it is a loser DOA. Just look at how many times this has been’s name is mentioned.
And people wonder why redneck Alberta is the laughingstock of Canada. It is richly deserved.
Hammer it is always a good idea to take care of your own financial well being. The problem though is many people can’t. They don’t make enough money. Its not that they don’t work hard or try hard, sometimes its the luck of the draw. Millions of people in this country have worked hard, been honest, paid their taxes and bills, raised their children and by the time they are 65 they have not been able to save money. They just didn’t make enough. You can’t get blood from a stone and you can’t save money if you don’t have it. It’s why the country needs a federal pension plan.
If Quebec can have their own pension plan – Alberta should be able to have whatever Quebec has; but I worry about how Alberta’s investments. considering what happened to our heritage savings plan.
There is a huge difference. Quebec started their QPP in parallel to the CPP at the time the CPP was first started. At that time they mirrored/joined the many cross jurisdictional agreements.
The other significant difference is ROI. QPP, like CPP is managed by investment professionals. Unlike Alberta where political hacks make the decisions Just compare QPP and CPP returns over the past 5-10 years compared to the Alberta investment board results.
When a politician (as we may still call Jim Dinning, unelected) makes an announcement which the public has been waiting for with bated breath, and does it with such a hoarse voice, one is reminded of factional stresses within a caucus.
Mr Dinning’s Freddy Krueger-like hoarseness reminded me of Gordon Campbell’s dry-throated announcement that he’d be stepping down as premier of BC shortly after he was, in fact, fired by his own cabinet after lying to voters about not implementing a Harmonized Sales Tax but then doing just that after winning the 2009 election for his BC Liberals. Or, again in BC, when premier Bill Vander Zalm announced he would be stepping down after he was, in fact, fired by his Socred caucus for a string of scandals—in that case, The Zalm had apparently been screaming so hard in futile attempt to save his premiership that he could barely talk when he made the announcement.
I wonder, therefore, if Mr Dinning might have also acquired his hoarseness from very vigorous vocal venting in camera with his political employers. May I dare say, he probably had difficulty making them understand that this APP shite won’t fly with voters? It wouldn’t surprise me if the TBA, with the goofy UCP 53% ATN, had a real hard time getting that.
“It’s fair to say that we heard from may Albertans who oppose the idea of exiting the Canada Pension Plan and moving to an Alberta plan, many of them quite passionate.”
Translation: They told use to go and get stuffed.
“There is no doubt that this is a sensitive issue for a lot of people, but especially those who worry about a vital source of their retirement income.”
Translation: They told us to get stuffed again and that we’re all arse-wholes.
“We also heard from a number of Albertans who are entirely in favour of an Alberta pension plan. Some of them supporters of the government taking greater control of the province’s destiny. Some thinking it a good way of enhancing our financial sector. And others supportive of an APP because of the savings it might offer, either higher benefits or lower premiums, or both.”
Translation: They day-drinkers never shut up and don’t really know what a pension is anyway.