Alberta Finance Minister Iris Evans says the federal government has a window of opportunity to reform the country’s pension system, after which her province—along with British Columbia—will take matters into their own hands.
“I don’t want to be pushy here, but I really believe it’s time for movement forward,” Evans told Canwest News Service.
The two westernmost provinces are pushing the feds to establish a voluntary, supplementary plan atop the existing Canada Pension Plan. Failing that, they’ll create their own, known as the Alberta-B.C. (ABC) plan. Sticking with the CPP formula makes sense, explains Evans, because Canadians are familiar with it and the plan’s administrative and investment track record is solid.
She says the upcoming meeting of finance ministers in Whitehorse will be the best opportunity to come to a national consensus on pension reform.
Related Stories |
“But if we don’t proceed on a national level, B.C. and Alberta will continue to make steps to proceed on our own,” she explained to Canwest. “It’s not going to slow our horses out here.”
According to Evans, the ABC template is also being considered by Saskatchewan, Ontario, New Brunswick and Nova Scotia, and that the pressure on the federal government to take action is increasing.
The federal conservatives recently announced proposed reforms for federally-regulated pension plans, which account for only 7% of Canada’s pension system. The proposals received mixed reviews, with many experts concluding that they amount to small improvements to a system facing systemic flaws and that a larger-scale approach is needed.
To comment on this story, contact us.