Alberta says Quebec pension model back on table in Canada Pension Plan exit debate

The Alberta government is again considering using the Quebec investment model for a possible provincial pension plan, less than a week after Finance Minister Nate Horner announced the Quebec option had been scrapped.Alberta Finance Minister Nate Horner speaks at a news conference in this file photo. A spokesperson for Horner says the proposal to have a future Alberta pension plan mirror the controversial Quebec investment model remains on the table for consideration.

Savannah Johannsen, Horner's spokesperson, confirmed in a statement the Quebec model is back on the table. "That's why new legislation this fall, if passed, will guarantee all assets transferred from the CPP will only be used to set up and operate an Alberta pension plan. This will prohibit the government from using pension money for other priorities."

That has led to concerns that if Alberta follows suit, its fund could make questionable investment deals, including doubling down on oil and gas in the age of ascendant renewables and put the viability of the fund at risk. Horner said legislation would be introduced this fall to effectively cancel out the Quebec model and spell out that "any assets used would only be used for a pension plan."The issue of political interference in an Alberta pension plan came up Monday night when the pension engagement panel, led by former provincial treasurer Jim Dinning, heard from callers in the first of five telephone town hall sessions.

Harvey said he worries, "given the position of the Alberta government on renewable energy, where they basically stopped the major investments in it for six or eight months, that that sort of ideology would somehow find its way into investment criteria. Hopefully it would not."

Source: News Formal (newsformal.com)

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