Alberta government presents plan to exit Canada Pension Plan

The Alberta government released a long-awaited report Thursday on the possibility of establishing an Alberta-only pension plan on Thursday.

The government said it will introduce legislation to exit the Canada Pension Plan this fall, but will require public approval through a referendum before moving forward on the province's pension plan.

"This is your pension, your choice," smith said.

she said it would offer the same retirement benefit as the Canada Pension Plan at a lower contribution.

The report, calculates employees and employers in Alberta would save $5-billion in the first year alone owing to lower contributions. This, the provincial government said, could be used to increase monthly benefits or provide a “bonus payment” of between $5,000 and $10,000 at retirement.

Alberta would be the first province to quit Canada Pension Plan.