Status: The Alberta Pension Protection Act received royal assent December 7, 2023
Ministry responsible: Treasury Board and Finance
Overview
The Alberta Pension Protection Act, (formerly Bill 2) protects the pensions and benefits Albertans have earned and guarantees they are the decision-makers in pursuing a provincial pension plan.
The Alberta Pension Protection Act guarantees the government won’t launch an Alberta Pension Plan unless Albertans vote in favour of it in a referendum. The act also guarantees that Albertans would pay the same or lower contribution rates and receive the same or better benefits as the Canada Pension Plan (CPP). It also ensures the assets transferred to Alberta from the CPP would only be used to set up a pension plan and operate it in the best interests of Albertans.
The Alberta Pension Protection Act is part of the government’s commitment to protect Albertans’ choices and to keep more money in their pockets.
Key changes
The Alberta Pension Protection Act guarantees:
- Albertans must vote in favour of an APP during a referendum before the government withdraws from the Canada Pension Plan to establish an APP
- Contribution rates under an APP would be the same or lower than the rates for the CPP
- An APP would provide the same or better benefits to Albertans
- The entire asset amount transferred from the CPP to Alberta would only be used to set up and operate an APP
Next steps
The Alberta Pension Protection Plan took effect when it received royal assent on December 7, 2023.
News
- Protecting Albertans’ pensions (November 2, 2023)