Members of Parliament ensure inflated pension levels for themselves while ordinary Canadian seniors struggle
Taxpayers Federation releases pension and severance figures for 2021 federal election
Author: Franco Terrazzano 2021/09/27 Federal News Release
OTTAWA, ON: The Canadian Taxpayers Federation released its calculations of estimated pension or severance payments paid to the 51 members of Parliament who were either defeated in the federal election or did not seek re-election.
“Taxpayers shouldn’t feel too bad for the politicians who lost the election because they’ll be cashing big severance or pension cheques,” said Franco Terrazzano, Federal Director with the CTF. “Thanks to past pension reforms, taxpayers will not have to shoulder as much of the burden as they used to. But there’s more work to do to make politician pay affordable for taxpayers.”
Defeated or retiring MPs will collect $1.4 million in annual pension payments, reaching a cumulative total of $42 million by age 90. In addition, $3.3 million in severance cheques will be issued to some former MPs.
Four former MPs will gather more than $100,000-plus a year in pension income. These pension payments will cost more than $13.6 million if these MPs continue to collect the pension to age 90. The four former MPs include:
- Steven Blaney: annual pension = $101,000; pension to age 90 = $4,404,300
- Wayne Easter, annual pension = $138,400; pension to age 90 = $2,805,800
- Peter Kent, annual pension = $100,500; pension to age 90 = $1,282,300
- Geoff Regan, annual pension = $147,400; pension to age 90 = $5,159,000
Members of parliament received two pay raises during the pandemic, ranging from an extra $6,900 for a backbench MP to $13,800 for the prime minister.
The CTF is calling for politician pay and pension reform, in light of the $1-trillion federal debt. Reforms should include transitioning the MP pension plan to a matching RRSP-style pension, ending severance payments and reversing the pandemic pay hikes.
“There’s one trillion reasons why politician pay and benefits need to be more affordable,” said Terrazzano. “Taxpayers need to see leadership at the top and that means reforming pensions and reversing the pandemic pay raises that MPs pocketed.”
The pension and severance calculations for each defeated or retired MP can be found here.
5 Comments
Abigail Marina Share
Need Pension Reform from July 1, 1977.
Because of govt delays with my visa I arrived I. Canada in October 1977. When I retired in September 1999 the pension was based on 22 years in Canada and STILL IS even though I have been here some 45 years.
In the past I contacted.my MLA, & was given a GAINS supplement of $19/week, this was subsequently removed when my income rose slightly.
I am now 1989 years old and my OAP is $411.95/month, it should be almost double.
My rent will be going up in May 4.1%,
I hope the movement will succeed in getting pension reform
Carole Fawcett
Hi Abigail – thanks for writing to us. We are all about pension reform – the time has come the Boomer said! No doubt about it. Keep an eye on this page and you will know when the next rally is. It will be June 27th. As for locations, that will be made available once we have firmed that up. In solidarity, Carole
Frank Oldale
I agree. We new the increase in retired population was coming. I am a millianial and support this movement. It’s scary what some retires have for a budget. The reality is less and less companies are paying pensions and benefits. It’s already know that the next generation after boomers has a large portion with no pension other than government pensions. It’s time to have a federal pension that can support our seniors. Min that is livable and a pension based on contribution after that. If the companies don’t want to supply them then tax them to help fund it. When I was 18 working for Overwaitea in 1988 I bagged groceries for 13 an hour, pension and benefits. It’s a joke what people get now. This isn’t going to get better and the alternative is our elderly living on the streets forced to commit crime to live after working their entire life. It’s not right
Carole Fawcett
You are smart to be thinking of this now, even though you are a millenial. Your demographic is the next big group. We need to fix this now, so that you will good to go when you retire. Thanks for writing to us.
Grant R.
Great work Carol. ‘Like in the CTF article, MP pay increases show our Canada has sunk into a Third World government. How can the Tin Cup effort reach each individual MP to make them realize Seniors are powerful voters as well. We paid into this system for decades yet MPs are taking advantage and overpaying themselves instead. MPs that recognize seniors will get senior’s votes. We need to also go beyond marches and walk into each MPs office. Thanks. Cheers. GR.