Finance Ministers discuss Alberta's potential exit from CPP
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Words per minute
111.434105
Summary
Learn English with Honourable Navie Littlewood, Deputy Prime Minister of Canada and Minister of Finance, Niki Ashton Mayhew, speaks at a special meeting of Provincial and Territorial Finance Ministers to discuss the Canada Pension Plan and the importance of protecting Canadians' pensions.
Transcript
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Today I convened a special meeting of provincial and territorial finance ministers to discuss
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the Canada Pension Plan and the importance of protecting Canadians' pensions from coast
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Of course, Alberta has the right to withdraw from the CPP should it so choose.
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All of the ministers recognize that today and every single minister including me, a proud
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daughter of Alberta, spoke about our respect for the people of Alberta and for the absolutely
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essential role that Alberta plays as an economic engine for our whole country.
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But Alberta's choice about the CPP also implicates every single Canadian, so it was important
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for all of us as the federal government and provincial and territorial finance ministers
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to be present and to discuss together what the consequences for the whole country would
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What the consequences would be for people across the country, including for the people of Alberta.
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That includes the financial reality for a province that decides to withdraw from the CPP.
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And that's why I told ministers today that I would ask the chief actuary to provide an estimate
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of the asset transfer based on a reasonable interpretation of the provisions in the CPP legislation.
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Our officials will work together to define the precise taskings for this work.
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One of the other points that I raised in our meeting and that was raised by many other ministers
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The CPP allows Canadians to live and work anywhere in Canada without jeopardizing their retirement.
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Many ministers spoke personally in this meeting.
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They talked about their own lives, living and working across Canada.
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And they talked about the lives of members of their family and how portability had been
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If Alberta were to withdraw from the CPP, the federal government would need to issue a regulation
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And Alberta would need to negotiate complex, time-consuming portability agreements with the
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Furthermore, if Alberta were to choose to leave, the government of Alberta would also need to
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negotiate international social security agreements to ensure similar treatment of contributors who
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As an example, Quebec has negotiated its own social security agreements with 39 countries,
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This would be a complex and multi-year process.
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And it would be taking place at a time of real uncertainty.
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Geopolitical uncertainty, global economic uncertainty around the world.
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I truly believe, as Deputy Prime Minister and as Finance Minister of Canada, that adding to
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that uncertainty right now is not something that would help Albertans or any Canadians.
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Because at the end of the day, this conversation is all about the wellbeing and the financial security
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Since the CPP was founded nearly 60 years ago, no province has ever left.
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This action is unprecedented, it would be very complicated, and it would come at a time of great uncertainty and complexity.
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Protecting the pensions of every single Canadian is a priority for our government.
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We will always stand up for the Canada Pension Plan and for the secure and dignified retirement it provides to all Canadians.
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This is just the beginning of a national conversation, and I expect to meet with my ministerial counterparts in person in the coming weeks.