APP Alberta Pension Plan

[snopro]

I have some concerns right now. Alberta says we have a right to 53% of the fund. Ontario says they would have 55% if they were to leave. I’m no rocket scientist but if 2 provinces would be entitled to 108% of the fund then what does every other province with the exception of Quebec have a right to? 108% is impossible so the numbers are skewed. I want to see exactly what we would get before voting yes to an APP. There is much more info that needs to come out before we should have a referendum.!

 

[lilduke]

Everybody gets 50%

 

[Caper11]

I have some concerns right now. Alberta says we have a right to 53% of the fund. Ontario says they would have 55% if they were to leave. I’m no rocket scientist but if 2 provinces would be entitled to 108% of the fund then what does every other province with the exception of Quebec have a right to? 108% is impossible so the numbers are skewed. I want to see exactly what we would get before voting yes to an APP. There is much more info that needs to come out before we should have a referendum.!

I think someone is dreaming a number up for Ontario.
I highly doubt the majority of the Ontario workers finish paying the CPP off in the year like Alberta does.


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[team dirt]

I would like an option to just opt out if it. I contributed 3700 and change this year. I think it was July or august I paid it off. That means my employer did the same. I bet I could make that money go further if I was looking after it myself. If you are relying on this money for retirement your f’d.

 

[BILTIT]

You can opt out......when you are ready to retire. Meet ALL the requirements and you are golden.....seems kind of dictatorish to me. And here people thought they had free choice in Canada, hahahaha.

Stopping CPP contributions - Canada.ca

Nouvelles règles pour les employeurs, en vigueur depuis le 1er janvier 2012, concernant les changements touchant le RPC pour les employés âgés de 60 à 70 ans

www.canada.ca

 

[Teth-Air]

I have some concerns right now. Alberta says we have a right to 53% of the fund. Ontario says they would have 55% if they were to leave. I’m no rocket scientist but if 2 provinces would be entitled to 108% of the fund then what does every other province with the exception of Quebec have a right to? 108% is impossible so the numbers are skewed. I want to see exactly what we would get before voting yes to an APP. There is much more info that needs to come out before we should have a referendum.!

I believe this is how the entitlement is calulated. You know how much money your province invested and you know how much was paid out to your seniors of your province. Now you know how much that remaining investment would have made in interest in any other average average pension plan and you calculate compounded interest + investment. That number (in Albeta's case) is 53% of what is shown on the books that the CPP holds. I could be wrong but that is what I expected.

 

[Caper11]

All Govt controlled systems are Facked. I would rather have a higher TFSA limit or none for that matter. I would prefer to look after my own pension, and opt out like Team dirt mentioned. Rrsps are a joke IMO how the Government has that setup as well.
Look at the difference in the Quebec RRSP vs the rest of the country.
Unemployment insurance is another topic that gets me fuming, those funds should stay in the province you have a address in.

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[Cableguy]

and if u never collect but pay into the UI should get a kick back when u retire

 

[gedakbx]

Also if you never collect any UI

 

[deaner]

I would like an option to just opt out if it. I contributed 3700 and change this year. I think it was July or august I paid it off. That means my employer did the same. I bet I could make that money go further if I was looking after it myself. If you are relying on this money for retirement your f’d.

Couldn't agree more

 

[High Velocity]

and if u never pay into the UI should get a kick back when u retire

I’m confused. Why would you expect a kickback if you’ve never paid into it ?


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[deaner]

and if u never pay into the UI should get a kick back when u retire

I've always said it should be administered like a true insurance. For guys like myself, and I'm guessing a ton of you, I will never use it. I have this crazy system where I think ahead and plan for a rainy day. People like this should pay no, or very small premiums. Frick....some people use it every single year. We shouldn't be subsidizing that

 

[Cableguy]

I’m confused. Why would you expect a kickback if you’ve never paid into it ?


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i didnt read correctly fixed it

 

[acesup800]

I believe this is how the entitlement is calulated. You know how much money your province invested and you know how much was paid out to your seniors of your province. Now you know how much that remaining investment would have made in interest in any other average average pension plan and you calculate compounded interest + investment. That number (in Albeta's case) is 53% of what is shown on the books that the CPP holds. I could be wrong but that is what I expected.

So, a bunch of young guys pay a bunch of CPP in Alberta for 20 years and then retire in BC and then BC has to pay out the CPP. How exactly does that math work? Sure it looks like Alberta contributes more than it pays out if that is the case. That can't be how it is calculated because very few move to Alberta to retire, but a lot leave. I know dozens of retires on the island from Sask/Alberta living the ocean life.

 

[bobsledder]

So, a bunch of young guys pay a bunch of CPP in Alberta for 20 years and then retire in BC and then BC has to pay out the CPP. How exactly does that math work? Sure it looks like Alberta contributes more than it pays out if that is the case. That can't be how it is calculated because very few move to Alberta to retire, but a lot leave. I know dozens of retires on the island from Sask/Alberta living the ocean life.

They collect from the plan they contributed to. For example if you live in Quebec and contribute to the QPP all your life when you retire you collect from it even when you move to Bring Cash or anywhere else you choose to go in the world.

 

[LUCKY 7]

I've always said it should be administered like a true insurance. For guys like myself, and I'm guessing a ton of you, I will never use it. I have this crazy system where I think ahead and plan for a rainy day. People like this should pay no, or very small premiums. Frick....some people use it every single year. We shouldn't be subsidizing that

My wife's cousin barely worked in his life but some how got EI most years and now due to his life style is on a disablilty pay. He made a point to brag about how he screws the system constantly. Since we pay into the system he was actually screwing us...

 

[MP Kid]

The bigger issue here that nobody seems to be willing to discuss, is what makes you think that all the monies collected in the name of “CPP” actually made it into the fund…!!!!

That would make sense as to why every province’s claim of the percentage they have doesn’t add up to the total currently in the CPP.

Governments of the day probably use it like their daily “slush” fund….

 

[Teth-Air]

I believe this is how the entitlement is calulated. You know how much money your province invested and you know how much was paid out to your seniors of your province. Now you know how much that remaining investment would have made in interest in any other average average pension plan and you calculate compounded interest + investment. That number (in Albeta's case) is 53% of what is shown on the books that the CPP holds. I could be wrong but that is what I expected.

So, a bunch of young guys pay a bunch of CPP in Alberta for 20 years and then retire in BC and then BC has to pay out the CPP. How exactly does that math work? Sure it looks like Alberta contributes more than it pays out if that is the case. That can't be how it is calculated because very few move to Alberta to retire, but a lot leave. I know dozens of retires on the island from Sask/Alberta living the ocean life.

That is one way the numbers get skewed. Another is a province that takes out more than they put in. And also bad management of the fund whereit actually can lose money on the investments.

 

[carguy]

"The primary source of Alberta’s gain would be a $334-billion asset transfer when the APP takes over CPP liabilities owing to Albertans. Under current CPP rules for a province’s withdrawal, Alberta would be entitled to a net transfer calculated on the assumption it had never joined the CPP, which began in 1966. That amount would equal its past CPP contributions, net of benefits paid to Albertans and administrative costs, plus associated investment returns. Lifeworks figures the total asset transfer due is about half of CPP’s current net assets."

.....taken from article: Jack Mintz: An Alberta Pension Plan would be entitled to half of CPP assets — a no brainer

Link: https://www.msn.com/en-ca/money/top...p&cvid=5de5d910a1cf4371b15ff81d8aafa06a&ei=10

 

[catalac]

Quebec pension plan gov and media all good…
Alberta proposed pension plan gov and media freaking out…

As much as I’m ok with it, if smith puts its to a referendum I doubt it passes.