An MP is eligible for a pension after serving just 6 years and can begin collecting at just 55 years of age (fully indexed at 60). They earn 10.4% interest each year on their contributions that is paid for entirely by taxpayers. The CTF’s campaign includes billboards sporting the message “For every $1 an MP puts into their pension, taxpayers put in $24” were put up today in Vancouver, Calgary, Regina, Ottawa and Halifax.
The goal of the campaign is to get Canadians to take action this summer and put pressure on their MPs, opposition leaders and the prime minister before they come out with their MP pension reform plan this fall.
In 2010-11 MPs and Senators contributed a combined $4.5 million to the parliamentary pension accounts, while taxpayers contributed $110.7 million ($26.7 million in contributions and $84 million in ‘interest’ and actuarial adjustments).
By the 2015 election Nova Scotia MPs will be eligible for the following annual pension payouts, largely paid for by taxpayers. In brackets are lifetime payments, assuming they live to 80:
Scott Armstrong (CPC) Cumberland-Colchester-Musquodobit Valley Not Eligible
Scott Brison (Lib) Kings-Hants $96,721 ($3,113,881)
Robert Chisholm (NDP) Dartmouth-Cole Harbour Not Eligible
Rodger Cuzner (Lib) Cape Breton-Canso $73,057 ($1,782,177)
Mark Eyking (Lib) Sydney-Victoria $71,935 ($2,315,922)
Gerald Keddy (CPC) South Shore – St. Margaret’s $94,429 ($2,029,121)
Greg Kerr (CPC) West Nova $39,025 ($524,589)*
Megan Leslie (NDP) Halifax $33,149 ($1,067,227)
Peter MacKay (CPC) Central Nova $117,297 ($3,776,298)
Geoff Regan (Lib) Halifax West $77,316 ($2,363,699)**
Peter Stoffer (NDP) Sackville-Eastern Shore $93,562 ($2,422,517)
* Also qualifies for a Nova Scotia MLA pension
** Has the option to “buy back” years prior to being defeated in 1997 election, if he bought back his estimated pension would be $105,090 ($3,212,681)