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Defeated MPs Turn to Gold-plated Pensions

Posted by on May 6, 2011 in Retirement | 0 comments

Kenyon Wallace and Richard J. Brennan Staff Reporters
Toronto Star

More than 100 MPs who won’t be returning to Parliament — including those dedicated to the break-up of Canada — will receive millions in pension and severance payments from Canadian taxpayers.

Bloc Leader Gilles Duceppe, 63, who lost his Laurier-St. Marie seat Monday, will rake in $140,765 a year.

Twenty-three-year veteran Liberal MP Joe Volpe, 63, who lost his seat in the riding of Eglinton-Lawrence, will receive a pension of $120,392 a year for the rest of his life. His party’s former leader, Michael Ignatieff, doesn’t qualify for a pension, but will walk away with a healthy severance of $116,624.

The 113 MPs who were defeated or did not run again in the May 2 election will collect $4.9 million in pension payments this year alone, according to the Canadian Taxpayers Federation.

“Most Canadians have no private pension plans,” said CTF national research director Derek Fildebrandt, who crunched the numbers. “Most Canadians save for their retirement by putting money into an RRSP or Tax-Free Savings Account and are subject to the ups and downs of the market. MPs have no such risk. They get a guaranteed payout no matter what happens.

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