Class of 06′ Qualifies for Pensions Today
Today, 39 MPs will join an exclusive club of Canadians eligible for the best pension plan on the planet. These 39 MPs were first elected on January 23, 2006, meaning that as of today, they are vested and eligible to withdraw.
These MPs will be eligible to collect $1,927,000 in annual pensions by the time of the next federal election in 2015, in addition to $1.8 million in one-time severance payments.
By the (hypothetical) 2019 election, these pension payouts will cost $2,732,000 annually in addition to $1.1 million in one-time severance payments.
Included in the newly vested ‘Class of 06′ are Jim Flaherty and Tony Clement, the two men charged by Prime Ministers with cutting spending and tackling the deficit. Both of these ministers will be eligible to collect more than $68,000 by the 2015 election, and more than $96,000 by the (hypothetical) 2019 election.
As Jane Taber at the Globe and Mail points out, these two men – in addition to Foreign Minister John Baird – were a part of the Mike Harris government that culled the MPP pension plan provincially in Ontario. We will soon know if history will repeat itself.
For detailed pension and severance eligibility for each member of the Class of 06,’ go to page 59 of the CTF’s Report on MP Pensions.
January 23, 2012
Tags: CTF, CTF Report on MP Pensions, Jim Flaherty, MP Pension, Tony Clement Posted in: Blog Content
2 Responses
I note the picking of the very highest priced example. Ministers, Prime Ministers etc. I also note the average income of 54,700 for the average MP.
Perhaps we should emphasize the need to reduce their actual job security as a way to reduce pension costs. It’s a lot more healthy and is a tool that is readily available to the taxpayer.
In the meantime I wish all these writers would stop cherry picking those at the top of the triangle and write about the whole bunch.
Hi Mel, I should note that the average MP’s income is not $54,700, but a minimum of $157,731. That goes up with anything from being a committee vice-chair, all the way up to the prime minister.
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