If an early election is called, dozens of MPs' pensions could be jeopardized.
If an early election occurs, dozens of members of Parliament may lose access to the attractive MP pension scheme since they do not have the requisite six years of service. Official Ottawa is buzzing with speculation about when the next general election will be called. A few weeks might mean the difference between 142 MPs retiring with tens of thousands of dollars in pension benefits – or not.
Nobody talks about it, but everyone thinks about it, according to a Conservative MP who desired anonymity after being elected in 2015. Members of Parliament must contribute to the plan for at least six years before they can collect a pension, according to the Members of Parliament Retiring Allowances Act. The 142 MPs elected for the first time on October 19, 2015, would lose their right to an MP's pension if they were defeated in an election before October 19, 2021.
Starting at age 65, they might lose a retirement allowance of slightly over $32,000 each year. This sum is indexed and grows more generous as the number of years of service increases.MPs currently earn a base salary of $185,800 per year. Ministers and parliamentary secretaries are paid higher wages and given greater benefits.
In an early election, more than half of the Liberal caucus — 92 MPs, including 23 ministers — may lose access to the pension, according to a count by Radio-Canada. There are 31 Conservative MPs, nine Bloc members, seven New Democrats, and three Independents in that group, including Cabinet ministers Diane Lebouthillier and Jean-Yves Duclos, who may face difficult fights in their ridings.
Gabriel Ste-Marie, a member of the Bloc, was elected in October 2015 and has served for nearly six years. He told Radio-Canada that his pension is the least of his concerns and that politicians who are simply in politics for the money are in the wrong business. Daniel Blaikie, a member of the New Democratic Party, concurred, saying he didn't run for Parliament to get a fat pension.
