CALGARY – The Alberta government report supporting the idea of breaking up the Canada Pension Plan (CPP) is “another bad idea from a Premier known for bad ideas,” according to CUPE Alberta President Rory Gill.
Gill said the report was ‘pure fiction’ when claiming Alberta could pull over half of the assets of the CPP into an Alberta only plan. The union leader said that if you used the same formula with all the other provinces, you’d take all of the assets out of CPP multiple times over.
“This is an attack on the retirement security of all Albertans, and all Canadians,” said Gill. “It’s bad math that shouldn’t be used to divide Canadians.”
“Danielle Smith is the same Premier who said tobacco was good for you, who blamed cancer patients for their diagnosis, and who treats public health officials as a danger to society,” said Gill. “Now she is promoting another poorly researched, foolish idea that will destroy people’s retirement incomes.”
Gill said the CPP is larger, more successful, and less risky than an Alberta based plan. CPP has been in place for over half a century and is well-established plan, said Gill. “In fact, the CP’s 10-year returns have been significantly higher than AIMCO’s – the Alberta Government’s investment management corporation.”
“I urge Albertans to reject this shell game that Danielle Smith is selling. It’s going to create major damage to everyone’s retirement income.”