A recently retired Tri-City MP will earn $89,000 in severance and $51,000 a year in annual pension, according to the Canadian Taxpayers Federation.
The CTF released its calculations this week for the estimated pension and severance payments for 94 MPs across Canada who were either defeated or did not seek re-election last month.
Eleven of those former MPs are in British Columbia, including former NDP MP Fin Donnelly, who represented Port Moody-Coquitlam and, before that, New Westminster-Coquitlam. He did not run for re-election last month.
Altogether, the 94 outgoing MPs will collect a projected $104 million in pensions over their lifetimes — the CTF figure is based on an individual living to 90 — as well as $5.8 million in severance payments.
Thanks to 2016 pension reforms, MPs now have to pay more towards their own pensions, noted the CTF in a press release. In the past, the CTF says taxpayers contributed $17 for every $1 put in by an MP or Senator, but today, that has changed so that taxpayers put $1.60 towards their pension for every $1 they contribute.
Of all outgoing MPs, Liberal Robert Nault — who worked for over two decades as an MP but was defeated by a Conservative candidate in his Manitoba riding of Kenora — is set to receive the biggest lifetime pension: an estimated $138,000 per year.
