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Supporting an APP will allow the province to recoup some of the cash that supports federal government programs, disproportionately leaving the province while providing no net benefit.

Article content. Keeping billions of dollars inside the province would allow the province’s pension fund managers to invest, where prudent, in Alberta businesses or in businesses that support Alberta’s economy. There’s been a lot of interest recently in the creation of an Alberta Pension Plan (APP), a made-in Alberta pension plan that would fully replace the Canada Penson Plan (CPP) now in place for Albertans. Pension payments would be allocated based on how many years you worked and contributed to the APP and how many to the CPP.

Why an Alberta Pension Plan would be better for older Albertans. The Alberta government is looking for an external analysis of the potential risks and benefits of a provincial pension plan.

The CPP would, in turn, recover those costs from the APP.

OAS and the GIS are federal income supplements derived from tax revenue. Certainly. The Fraser Institute report offers a scenario in which APP contribution rates could also be reduced to as low as 5.85 per cent. The Constitution of Canada allows each province the option of leaving the CPP and establishing its own provincial pension plan. Your children and grandchildren would likely pay lower pension premiums under an APP and be able to use that money now, while they’re still young, allowing them to save for education, pay off their mortgages, support their families, or contribute to an RRSP — even while their future pension benefit levels would be protected. The QPP has already established the way in which pension benefits are allocated when you move to another province. The CPP has been demanding larger and larger contributions from each Albertan’s paycheque over the years to keep the plan solvent. This story was created by Content Works, Postmedia’s commercial content division, on behalf of a client. And an APP would allow that decision to be made in Alberta, not in Ottawa. That means Albertans are disproportionately propping up the CPP, supporting seniors in provinces that skew older and contributing far more than they’re currently receiving. Read more about cookies here. This advertisement has not loaded yet, but your article continues below. The CPP has been demanding larger and larger contributions from each Albertan’s paycheque over the years to keep the plan solvent. An APP would deliver “same or better” results for Alberta’s pensioners

This story was created by Postmedia Content Works, on behalf of Shaping Alberta’s Future, a paid third party political advertiser. However, compared to the rest of Canada, Alberta’s population skews younger, its labour participation rate remains higher and its family incomes are larger.
News-Sponsored; Why an Alberta Pension Plan would be better for older Albertans. The independent Quebec Pension Plan (QPP) and the current CPP were both established in 1966, and QPP payments to pensioners have remained competitive with, or better than, those offered under CPP. Unauthorized distribution, transmission or republication strictly prohibited. Breadcrumb Trail Links. APP would be a pension program founded on your own contributions. Alberta pension plan videos and latest news articles; GlobalNews.ca your source for the latest news on Alberta pension plan .
Under an APP, Albertans wouldn’t be subsidizing lower CPP payments elsewhere, so Alberta could offer more in payments to pensioners at the same time as lowering premiums. This article is Sponsored by Shaping Alberta's Future, An APP would deliver “same or better” results for Alberta’s pensioners. Alberta’s population will likely shift slightly older in the future. Understandably, seniors currently receiving CPP payments have questions about how they’d be affected under an APP. 365 Bloor Street East, Toronto, Ontario, M4W 3L4.

However, according to the Fraser Institute study, even under a CPP scenario where Albertans contribute 10 per cent more to the program and benefits increase by 10 per cent, an APP still provides clear advantages. Could pensioners in Alberta receive larger pensions than their counterparts in the rest of the country? This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. The only requirement for creating an APP is that the new provincial pension plan guarantees at least the same benefit level as the CPP it replaces. Here are some common questions and straightforward answers.

The contribution rate is currently set at 10.5 per cent (and rising), with employers providing half that amount. By continuing to use our site, you agree to our Terms of Service and Privacy Policy. If you qualify for these payments now, you would continue to receive them under an APP. Under an APP, all of the money collected from Albertans would be used to support Alberta’s seniors instead of those in other provinces. © 2020 National Post, a division of Postmedia Network Inc. All rights reserved. In short, an APP promises to provide the same or better pension benefits while improving the lives of Albertans and the province’s economy. A report by the Fraser Institute published in 2019 calculates that Alberta workers contributed $27.9 billion more in CPP premiums than they collected in CPP payments for the period from 2008 to 2017 — a massive net cash outflow from the province.

If you retire in another province, you would apply to CPP, which would pay your benefits.

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