As Chief Policy Officer Bill VanGorder says, “The Canada Pension Plan belongs to pensioners, not provinces.”
CARP knows that one of our members’ top concerns is financial security. In fact, according to a large survey CARP conducted last year, “worry about outliving my money” came out on top among members’ options for “most significant obstacle in the way of aging well.”
Most older Canadians have fixed incomes but face rising costs, growing inflation, an unpredictable economy and retirement savings that suffer as a result. On top of that, the estimated cost of living, upon which governmental supports are based, is outdated.
In September, a new financial concern was added when when Alberta’s Premier Danielle Smith opened the CPP-exit debate.
Smith’s government has planned to potentially hold a referendum in 2025 on whether Alberta should set up its own pension program, taking with it ‘their’ part of the existing CPP.
The CPP provides a foundational retirement income for most working Canadians. It is one of our country’s most important and most invaluable public policy achievements. It speaks to our shared values, provides vital support to our seniors and is envied around the world. Not only has the CPP served us well, but repeated reviews have found it is sustainable for generations to come. In fact, the CPP Fund is the best performing pension fund in the world over the past decade.
CARP has been very active on this issue in Alberta and Nationally since the debate arose.
In early winter of 2023, CARP wrote to Finance Ministers to demand an unequivocal stance in support of a united CPP. Read the letter.
While in that meeting, the government acknowledged the importance of the CPP to all Canadians, a discussed next step was a study of how much of the CPP funds the province of Alberta could potentially transition to their own plan.
CARP believes strongly this is the wrong move for Canadians, particularly older Canadians. The only path and the one we should take is the defence of the unity of the CPP for this generation and every generation to come. Stay tuned as CARP continues to elevate the voice of pensioners in this issue.
Stay tuned on this advocacy issue via our Pension page.
Find out more about how CARP fights for your financial security.