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(photo: CPAC)

Actuary to calculate asset transfer if Alberta withdraws from CPP

By Steve MacArthur Nov 3, 2023 | 3:25 PM

The federal finance minister has asked an independent actuary office to figure out how much Alberta could be entitled to if they withdraw from the CPP.

Chrystia Freeland made the comments following a virtual meeting with provincial and territorial finance ministers on Friday.

“This would be a complex and multiyear process,” explains Freeland. “It would be taking place at a time of real uncertainty, global economic uncertainty around the world.”

Alberta originally claimed it should receive more than $300-billion, but those initial numbers are not accurate.

The western province has been threatening to withdraw from the CPP to create its own retirement plan and could hold a referendum on the matter in 2025.

However, Premier Danielle Smith will hold off on such a vote until seeing firm numbers of a payout for its withdrawal or transfer of assets.

Actuaries deal with the measurement and management of risk and uncertainty and oversee the CPP.

Each province and territory has the right to withdraw from the plan with three years written notice. Quebec is the only province not enrolled in the plan.