Latest news with #pensions
CTV News
15 hours ago
- Business
- CTV News
Opposition, unions back up 63% of Albertans against provincial pension
Aerial shot of the Alberta legislature on Monday, May 26, 2025. (Cam Wiebe/CTV News Edmonton) Survey results on a provincial pension plan show many Albertans are dead-set against what Premier Danielle Smith has been pushing since stepping into office. On Wednesday, the province quietly released raw data from a survey done nearly two years ago showing only 10 per cent of respondents were for an Alberta Pension Plan (APP). But Alberta Federation of Labour (AFL) president Gil McGowan said the results of the survey aren't what's surprising. 'What's really significant is that the UCP government seems determined to proceed with this crazy notion to pull Alberta out of the Canada Pension Plan (CPP), despite clear opposition to this idea,' said McGowan. 'This poll is just the latest evidence that Albertans are dead-set against this idea. 'Albertans should be outraged by our premier's continued refusal to take no for an answer.' Premier Smith has touted an APP will be of benefit to Albertans, who she says are disproportionately represented in the CPP. A LifeWorks report from 2023 calculated that Alberta would be entitled to 53 per cent of the CPP — about $334 billion — if it leaves. Other economists, however, have estimated Alberta's share to be closer to 15 to 20 per cent. 'The CPP isn't perfect, but it is one of the best and most secure and stable pension systems in the entire world,' said McGowan, adding that he's spoken to thousands of AFL members who want the province to keep their hands off their pensions. 'It's not Danielle Smith's money. These are the retirement savings of literally millions of Albertans. People are relying on them and they don't want our provincial government to be playing political games with their retirement security.' The CPP is currently working on an enhancement that will increase the maximum pension by more than 50 per cent for those who make enhanced contributions for 40 years. The maximum level of earnings protected by the CPP was also increased by 14 per cent over 2024 and 2025. NPD leader Naheed Nenshi also wasn't taken aback by the results or the way they were released. 'This government held these results from Albertans for nearly two years … and this is just very typical of this government.' said Nenshi. 'They lie, they cheat, they hide information from the public to get their ideological work done.' Naheed Nenshi Leader of the Alberta NDP Naheed Nenshi speaks to media about the Alberta 2025 budget in Edmonton, on Thursday February 27, CANADIAN PRESS/Jason Franson (JASON FRANSON/THE CANADIAN PRESS) Nenshi said the UCP government spent some $9 million on advertising to convince Albertans the APP was the right thing to do, but when they were asked to release the results, they consistently refused. 'The Information Privacy Commissioner forced them to release the results, and this is what came out: everyone hates it,' said Nenshi. 'And that's obviously why the government didn't want to release this information, but taxpayers paid for it — they have the right to see it. The opposition leader said the real reason Smith wants an APP is to control investments and use pension funds to invest in things that align with her interests, not the interests of Albertans. 'I think the government needs to take the loss and move forward,' said Nenshi. CUPE Alberta President Raj Uppal said an Alberta plan would cost more and deliver weaker investment returns and smaller pensions. 'I know Smith likes to flirt with separatists, but the CPP is one of the strongest reasons for Alberta to remain in Canada,' said Uppal. 'The premier needs to abandon this idea and stop threatening the retirement security of Albertans.' Moshe Lander, a senior lecturer at Concordia University in Montreal, told CTV News Edmonton the issue of an APP is likely very low on the federal finance minister's to-do list. 'I don't think it's a priority at all until there's a clear sign that Alberta has voted for independence,' said Lander. 'They have so many other things to worry about that are now and that are legitimate. This is not one of them.' A statement from the federal department of finance said a separate provincial pension plan would mean Albertans would no longer enjoy the same economies of scale, pooling of risk and investment advantage that is currently available through the CPP. SUB: 10 per cent of Albertans are still on board with an APP One Alberta senior said she'd much rather go with Alberta than the federal government on a pension plan. 'You look at Quebec and the power they have and they have their own pension plan,' said Irene Moyer. 'I think Alberta would be way better off.' Moyer is skeptical of the federal government's spending and said Ottawa holds Alberta hostage. 'I'm going to be fine because of my age, but I look at people coming up and I wonder if there will even be a pension for them.' A respondent to the survey said Alberta deserves a better deal than what it's been given by the federal government. 'Alberta has always overcontributed to CPP … with no thanks from Canadians,' said another comment from a survey respondent. 'Enough. Leave CPP.' Results from the survey show 63 per cent of respondents were against the APP while 12 per cent were unsure. Fifteen per cent of the responses were incomplete. The province said it will continue to engage with Albertans on an APP through the Alberta Next panel despite the survey results. Premier of Alberta Danielle Smith speaks to media prior to the First Minister's Meeting in Saskatoon on Monday, June 2, 2025. THE CANADIAN PRESS/Liam Richards Premier of Alberta Danielle Smith speaks to media prior to the First Minister's Meeting in Saskatoon on Monday, June 2, 2025. THE CANADIAN PRESS/Liam Richards The Ministry of Treasury Board and Finance did not provide a new statement to CTV News Edmonton and reiterated comments made Wednesday. The Alberta Pension Protection Act guarantees the CPP won't be replaced with an APP unless Albertans approve it in a referendum. With files from CTV News Edmonton's Amanda Anderson and Nicole Lampa
Finextra
a day ago
- Business
- Finextra
My Nest Egg enters liquidation
On 4 June 2025, My Nest Egg Limited (MNEL) entered into Creditors' Voluntary Liquidation. Simon Farr and Tom Bowes of FRP Advisory Trading Limited were appointed as joint liquidators. 0 MNEL is authorised and regulated by the Financial Conduct Authority (FCA). It operated a digital platform through which customers managed their pensions and Individual Savings Accounts (ISAs). As MNEL remains authorised, it continues to be subject to the FCA's rules and supervisory oversight. The joint liquidators are officers of the Court and must comply with all relevant insolvency laws. They are authorised to act as licensed insolvency practitioners by the Institute of Chartered Accountants in England and Wales (ICAEW) and the Insolvency Practitioners Association (IPA). We are working closely with the joint liquidators.
Wall Street Journal
3 days ago
- Business
- Wall Street Journal
Legal & General Flags Good Start to 2025, Confirms Targets
Legal & General LGEN 1.38%increase; green up pointing triangle said it made a good start to the year and is on track to deliver on its midterm targets. The London-listed provider of life insurance, pensions, retirement and investment services is aiming to grow its core operating earnings per share by between 6% and 9% per year in the midterm and confirmed on Tuesday that it expects to hit that guidance for 2025.
Daily Mail
4 days ago
- Business
- Daily Mail
Hands off our pensions, ex-ministers tell Reeves amid fears savers will rush to withdraw cash to avoid being hit
Rachel Reeves is under mounting pressure to rule out a punishing tax raid on pensions to help fund her lavish spending spree as the economy tanks. Fears are growing that the Chancellor will target the retirement pots of millions of workers in the autumn as weak growth blows a black hole in her plans. Two former pensions ministers – Sir Steve Webb and Baroness Altmann – have joined the chorus of experts urging her to rule out such a raid. But the Treasury has refused to do so – fuelling speculation that pensions are in her sights. Months of rumours could prove highly damaging if – as was the case before the last Budget – it leads to a rush of savers withdrawing cash from their pension pots early to avoid being hit. Savings and investment company AJ Bell last week called on the Chancellor to introduce a 'pensions tax lock' that ruled out any changes for the remainder of this Parliament. This, it said, would 'offer investors the confidence to plan for the long term'. Webb, now a partner at pension consultants LCP, echoed those comments. 'Once again we have the return of uncertainty about the pensions tax regime,' he told the Mail. 'This annual spectacle is deeply unsettling for what is supposed to be a long-term business. 'It would be hugely valuable for the Chancellor to set out her position on pension tax breaks and then leave things unchanged for the rest of this Parliament so that people know where they stand and can plan accordingly.' Altmann agreed, warning speculation about tax changes is 'undermining people's ability to plan ahead and damaging confidence in pensions'. A raid on pension pots could see Reeves cut the maximum amount savers can withdraw tax free from the current limit of £268,275. Such a move was speculated before the Budget last October – leading to some savers withdrawing their money early despite warnings it could leave them worse off in retirement. Other options include taxing pension contributions, cutting the annual allowance or reinstating a lifetime allowance. Sarah Coles, head of personal finance at Hargreaves Lansdown, said: 'It's important to learn the lessons from the speculation ahead of last year's Budget. We can't have a repeat of this for a second year.'
Telegraph
4 days ago
- Business
- Telegraph
Self-employed? How to set yourself up with the same benefits as employees
Being your own boss comes with many perks, but the significant downside is that self-employed workers don't have access to the valuable package of benefits that come with being an employee. Staff benefits can include a workplace pension, as well as life insurance, income protection and private medical cover, as well as smaller perks that give you access to wellness packages and discounts for gyms and even groceries. Going solo means you'll either have to miss out on these or foot the bill yourself. However, there are ways you can plug the gap. Here's what sole traders should be doing to access the work benefits they need – without breaking the bank. This guide covers: Pensions Life cover Private medical cover Wellbeing Savings buffer and income protection Perks of an accountant Pensions The self-employed have a reputation for lacking in pension provision. Almost 40pc of self-employed people don't pay into a scheme, according to Interactive Investor. Worse still, 38pc have no pension savings at all, rising to 50pc among under 35s. Ian Cook, an adviser from Quilter Cheviot, said: 'Pensions are complicated and so the easy thing to do is ignore them. But it's important to take control of your own future and start contributing to a pension.'
