Alberta Pension Protection Act
Summary
The Alberta Pension Protection Act mandates the Government of Alberta must hold a referendum prior to withdrawing from the Canada Pension Plan (“CPP”) in favour of a provincial pension plan. The Act also outlines the requirements of holding such a referendum.
In the event that a referendum passes, contribution rates under a provincial plan would be the same or lower than the rates compared to the CPP. Further, the provincial plan would provide the same or better benefits and the entire asset amount transferred from the CPP to Alberta would only be used to set up and operate a provincial pension plan.
In Force: December 7, 2023