The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, today issued the following statement after a meeting of provincial and territorial Finance Ministers regarding the Government of Alberta's proposal to withdraw from the Canada Pension Plan (CPP):
"Today I convened a special meeting of provincial and territorial Finance Ministers to discuss the CPP and the importance of protecting Canadians' pensions from coast to coast to coast.
"Alberta has the right to withdraw from the CPP should it so choose. We all recognized that right today.
"But Alberta's choice also implicates every single Canadian, so it was important for all of us to be present and to discuss the repercussions of leaving the CPP-for people across the country, and for Albertans themselves.
"This includes ensuring Albertans are informed about the reality of what Alberta would be entitled to should it withdraw from the CPP. That is why I said today that I would ask the Chief Actuary to provide an estimate of the asset transfer based on a reasonable interpretation of the provisions in the CPP legislation.
"One of the other points that was also raised by many ministers was the issue of portability. The CPP allows Canadians to live and work everywhere in Canada without jeopardizing their retirement. If Alberta were to withdraw, the Government of Alberta would need to negotiate complex, time-consuming portability agreements with the CPP and the Quebec Pension Plan.
"This would be a complex and multi-year process-and it would be happening at a time of real uncertainty around the world.
"At the end of the day, this is about the well-being and financial security of all Canadians. Protecting the pensions of all Canadians is a priority for our government. We will always stand up for the Canada Pension Plan and for the secure and dignified retirement it provides to all Canadians."
