Alberta Pension Plan: Labor Advocates Challenge Smith's Claims

CALGARY, AB — A 2023 battle over Alberta's pension future is making the rounds again on social media today, as labor advocates resurface a critical report challenging Premier Danielle Smith's pitch to ditch the Canada Pension Plan.

The tweet links back to the Alberta Federation of Labour's "Big Risks, No Rewards" report—originally dropped in November 2023—which systematically dismantled the UCP government's claim that Alberta could walk away with 53 percent of the CPP fund and save workers $1,425 annually. The report, co-authored with pension expert Murray Gold, called the math "wildly optimistic" and warned of significant risks to Albertans' retirement security.

The Old Fight, Still Breathing

The Alberta Pension Plan proposal was Smith's marquee gamble in 2023, backed by a multi-million-dollar ad blitz that launched in September of that year. The pitch: Albertans "over-contribute" to the CPP, and a provincial plan would deliver bigger payouts and lower premiums. The AFL—led by President Gil McGowan—fired back with actuarial skepticism, arguing the government's asset-transfer assumptions were fantasy and that splitting from the CPP would expose the province to higher administrative costs and market volatility.

Public opinion never warmed to the idea. Polls at the time showed over two-thirds of Albertans opposed leaving the CPP, a reluctance that echoed the lukewarm reception to the province's 2021 equalization referendum.

Why It's Circulating Now

Today's retweet doesn't signal new policy movement—there's been no fresh referendum announcement or updated actuarial report since the original clash. But the recirculation suggests the pension debate remains a live wire in Alberta's political conversation, particularly as Smith continues to govern with a mandate built on Alberta-first fiscal rhetoric.

The friction point hasn't changed: Can Alberta actually claim half the CPP's assets? And would the gamble be worth the risk to millions of retirees?

What Happens Next

No formal referendum has been scheduled. The UCP government has not released updated budget allocations for APP promotion in the current fiscal year, and no independent actuarial analysis has emerged to settle the asset-transfer dispute. For now, the Alberta Pension Plan remains a proposal—and a polarizing one—with no clear path to the ballot box.