WINNIPEG —; Monday’s election saw a big shake-up for federal leaders here in Winnipeg with some long-time members of parliament losing their seats.
In some cases, those years of service mean they’ll receive a pension that’s among the highest for Canadian MPs.
According to the Canadian Taxpayers Federation Pat Martin, the former NDP MP for Winnipeg Centre for 18 years , is entitled to $94, 739 per year. By the time he’s 90-years-old, with inflation, that comes to over $4,000,000.
Conservative MP for Charleswood – St. James – Assiniboia Steven Fletcher is second to Martin for Manitoba MPs who either retired or lost in the election when it comes to highest projected lifetime pension.
With an annual payout of $64,953, Fletcher is expected to pull in more than $3,200,000 by the time he’s 90-years-old, including inflation.
MPs who lost but haven’t accrued 6 years of service time aren’t eligible for a pensions but do receive severance.
Joyce Bateman, the former Conservative representative for Winnipeg South Centre, will get $83,700. That’s approximately half of an MP’s annual salary.
While the numbers seem steep to some, University of Manitoba political analyst Royce Koop argues the pension and severance rules help create a diverse set of candidates, “For some people getting defeated in an election is no problem they can move back into their careers with no difficulty but for other people it actually is a problem. Once you get older you can’t just move back onto your career track.”
Members of parliament did vote to change the rules around their own severance and pensions. The changes take effect in 2016.
The age of retirement will go up from 55 to 65 and the contribution ratio of taxpayer dollars to MP dollars will decrease.
Right now, according to the Canadian Taxpayers Federation, every dollar a member of parliament puts into their own pension is matched by 17 dollars from Canadians.
That will decrease to $1.60 for every dollar put in by an MP next year.