The UCP government has followed through on releasing a report into leaving the Canada Pension Plan.

The report was prepared for the government by independent consulting company Lifeworks, to examine the costs, benefits, and structure of a potential Alberta Pension Plan.

Minister of Finance, Nate Horner, made the announcement.

"An APP could cost anywhere up to $2.2 billion to set up but it has the potential to save Albertans $5 billion in the first year if implemented," he says.

Premier Danielle Smith says Albertans have paid much more into the CPP than Alberta seniors get back in pension benefits.

She claims $5 billion dollars in savings would be great for Albertans.

"Five billion dollars could mean more money for seniors who could see larger month pension benefits. Seniors might even receive a $5,000 to $10,000  bonus payment when they retire if that's how Albertans want to design the pension."

Lowering premiums, Smith says, would leave more money in Albertans' pockets for things like food and other expenses, claiming they would save $1,425 dollars a year.

The government plans to engage with Albertans, employers, and stakeholders to gather feedback.

A referendum indicating support from a majority of Albertans would be required to pursue an APP.

The full report can be seen here.


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