Jason Kenney’s UCP government recently wrested control of about $78.5 billion in pension assets from working Albertans, and is musing aloud about using it to prop up Alberta oil and gas companies. What’s behind this outrageous pension grab? What is AIMCo going to do with this cash? How did we get into a situation where people’s deferred wages (pensions) create these vast pools of capital that can be used against workers?
[Tyler mentions that the CPP is fully funded, it is currently funded on a “steady-state” basis (pay-as-you-go with a reserve fund). The CPP enhancement which raises the replacement rate from 25% to 33.33% (phased in by 2025) will be fully funded.]