MP Pension Plan Costing $52M Annually, Retired MPs Averaging $78K a Year

Nearly $52 million was spent on pensions for retired members of parliament last year, with 579 MPs taking in nearly $78,000 each, according to a Treasury Board report. The pension plan has increased more than a 10 percent since the COVID-19 pandemic, according to figures from a recently published report first obtained by Blacklock’s Reporter. The amounts paid to each retired MP are calculated based on the number of years they served in the House of Commons along with their seniority. All MPs require a minimum of six years in parliament to qualify for the program. The plan also makes room for the increased cost of living. Pensions are increased based on the Consumer Price Index (CPI), which led to a 6.3 percent increase in 2023 and a 2.4 percent increase the year prior....