Alberta releases its pension survey results, 63% opposed to leaving CPP

After a more than 21-month wait, the Alberta government has released to Postmedia the results of its 2023 provincial pension plan engagement survey, which show nearly two-thirds of respondents were opposed to leaving the Canada Pension Plan (CPP).
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Postmedia first filed a request for responses from the survey a week after it opened in September of 2023, and followed up with multiple further requests in the following months, all of which produced either no records or records that were entirely redacted.
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Last December, the Office of the Information and Privacy Commissioner opened reviews into the government's response to three requests: one seeking a summary of the survey results, a second looking for copies of the open-answer questions in the survey, and a third for completed copies of the pension workbook that was distributed in late 2023.
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According to that summary, 63 per cent of respondents were opposed to an Alberta pension plan (APP), 10 per cent were in favour of an APP, and 12 per cent were undecided or unsure.
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The remaining 15 per cent were other forms of responses, including questions about implementation, suggestions for other alternatives, non-answers, and incomplete responses.
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More than 94,000 Albertans completed the survey between its opening on Sept. 21, 2023, and its conclusion on Dec. 10, 2023.
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The government issued a statement to Postmedia following the release of the results.
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'While recent surveys on an APP show public opinion may be shifting, we will continue to engage with Albertans on this topic through the Alberta Next panel. The Alberta Pension Protection Act guarantees we won't replace the CPP with an Alberta Pension Plan unless Albertans approve it in a referendum.'
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Polls from Leger in August and again last February both showed around 23 per cent support for leaving the CPP.
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A government-commissioned survey by respected pollster Janet Brown found that 55 per cent of those who had made up their minds on the issue were in favour of a provincial pension plan if it 'guaranteed all Alberta seniors the same or better benefits' than the existing federal plan.

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Nearly half of national public pension plan is invested in U.S. — and only 12% in Canada

As a former top Finance Department official, Susan Peterson played a key role years ago in creating the stable Canada Pension Plan that we see today. But even she was surprised by the numbers. A few weeks ago, the Canada Pension Plan Investment Board (CPPIB) revealed that 12 per cent of the CPP's assets are invested in Canada — its lowest level ever. The largest chunk of its $714-billion fund, 47 per cent, is currently invested in the United States — its highest level ever. Peterson doesn't think she's the only one surprised. If Canadians knew out of the $714 billion such a miniscule amount was invested in Canada, I think they would say, whoa, what's wrong with this picture. The CPPIB is not alone. Experts say the Canada Pension Plan (CPP) is one of several Canadian pension plans that have been investing far more in the U.S. than in Canada in recent years. The CPP, whose investments are managed by the CPPIB, also known as CPP Investments, is a public pension plan that covers millions of Canadian workers across the country with the exception of Quebec, which has its own manager, the Caisse de dépôt et placement . Those who support this high level of U.S. investment, including the CPPIB itself, argue the plan's mandate is to make money. They argue U.S. investments offer more diversity and higher returns — which help ensure the plan will be able to pay out benefits for years to come. Others, however, question why the plan isn't doing more to invest in Canada to create Canadian jobs and infrastructure projects. Enlarge image (new window) Annual reports for 2005 and 2006 did not include geographical distributions outside of Canada. Photo: Canada Pension Plan Investment Board Elizabeth Thompson They are also concerned about the plan's U.S. exposure at a time when President Donald Trump's administration has made the country a riskier place to invest. The Trump administration's big, beautiful tax reform bill also contains a section that risks hitting Canadian pension funds (new window) that have U.S. investments with a new withholding tax that experts predict could cost Canadians and Canadian companies billions if it is adopted. Some pension funds, like the Public Sector Pension Investment Board which has 41 per cent of its assets invested in the U.S., have said in recent days that they are reconsidering their U.S. exposure and are looking for more Canadian investment opportunities. Michel Leduc, head of public affairs and communications for the CPPIB, says it has to invest for the long term, regardless of individual governments or administrations. We're investing money for people who aren't even born yet, he said. That long-term thinking must be the strongest pillar of how we think about our investment strategy. But he says the CPPIB at the same time isn't short-term stupid. We're continuing to think through what could be some of the bigger impacts, he said. Leduc said the U.S. percentage has grown even though the fund has been diversifying away from the U.S. because the existing investments have grown in value. U.S. stocks have gone up, he said. It's just because we make good investments. Time to invest at home again? The CPPIB is also open to Canadian investment opportunities, Leduc said. Prime Minister Mark Carney has announced plans to invest and build in Canada. He has mentioned pension funds as one possible source of money. Finance Minister François-Philippe Champagne said the government also plans to host foreign pension funds interested in investing in Canada. People see Canada as the place to invest, Champagne told CBC News. So, we'll always be talking to them and investors from around the world. There was a time when the CPP primarily invested in Canada. Initially, it was operated as a pay-as-you-go model with investments in Canada, largely in government bonds. However, in the late 1990s the pension plan was facing a crisis — Canada's chief auditor predicted that it would run out of money by 2014 unless something was done. Spearheaded by then finance minister Paul Martin, and aided by officials like Peterson, the federal government and provinces agreed to a package of reforms, including the creation of the CPPIB. While the CPPIB is a Crown corporation, it operates independently from government. For years, a foreign property rule capped the amount pension funds could invest outside Canada. Introduced in 1971, it limited investments by pension funds to 10 per cent of their assets going abroad. That was raised to 20 per cent in the 1990s and then 30 per cent in 2001. In his 2005 budget, Finance Minister Ralph Goodale repealed that rule, saying the move had the potential to increase venture capital investments by pension plans in Canada. Since then, there has been a steady reduction in the value of CPP's investments in Canada and a steady rise in U.S. investments. U.S. stocks rise in value In 2005, 74 per cent of the CPP's assets were invested in Canada. By 2015 it was down to 24.1 per cent. For the last two years it has stood at 12 per cent. At the same time, the plan's assets have grown — from $81.3 billion in 2005 to $714 billion on March 31. Its assets are projected to hit $1 trillion in the next few years, making it one of the largest pension plans in the world. However, as the proportion of the CPP's investment in Canada has dropped and its assets in the U.S. has increased, so too have questions about where the money is going. 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Chris Roberts, director of social and economic policy for the Canadian Labour Congress, says the CPP's role in the Canadian economy is an important debate that is about to heat up — and he wants all Canadians to participate. These are people who pay into the CPP every day and will draw a CPP benefit when they retire, he said. They're often of the view that the CPP Investment Fund should invest more at home and create jobs and economic opportunities here in Canada. Lessons from Quebec Unlike Quebec's Caisse , which has a double mandate to make money and to also invest in Quebec's economic development, the CPP's only mandate is to make money, Roberts said. Sen. Clément Gignac, an economist by profession and a former Quebec cabinet minister, has asked questions in Senate proceedings about where the CPP is investing. He says Quebec has successfully made money for the province's retirement fund while also bolstering economic development. 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• Vancouver Sun

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Toronto Sun

14 hours ago

• Toronto Sun

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