Many Outgoing MLAs Set to Collect Generous Pensions
Prince George, B.C. – $13.3 million.
That’s how much the Canadian Taxpayers Federation says outgoing B.C. MLAs who did not win or seek re-election Tuesday night will receive in pensions (to age 80).
MLAs are eligible for pensions after serving six years in office. They increase by the rate of inflation every year and can be collected at age 65. Taxpayers put in roughly $4 for every $1 a politician pays into their pension account.
“It’s time to end this rich pension scheme,” says Scott Hennig, CTF vice-president, communications.
“Most Canadians are lucky if their employer matches a dollar-for-dollar RRSP. There’s no justification for taxpayers to put in $4 for every $1 an MLA chips in.”
In addition to those pensions, outgoing MLAs can apply for up to $9,000 in retraining funds and qualify for up to 15 months of severance pay (as much as $127,323 each).
Sixteen MLAs retired or opted not to seek re-election while 11 were defeated Tuesday night.
Some of those pension totals include the following MLAs who were defeated:
- Richard T. Lee (Liberal MLA, Burnaby North, 16 years) – Initial annual pension payout of $67,520. Lifetime total to age 80: $1,167,657
- Naomi Yamamoto (Liberal MLA, North Vancouver-Lonsdale, eight years) – Initial annual pension payout of $38,883. Lifetime total to age 80: $672,435
- Marc Dalton (Liberal MLA, Maple Ridge-Mission, eight years) – Initial pension payout: $32,600. Lifetime total to age 80: $563,772.
Pension totals for some who opted to retire:
- Sue Hammell (NDP, Surrey-Green Timbers MLA, 22 years) – Initial annual pension payout: $87,420. Lifetime total to age 80: $750,323. (Lifetime payout is slightly lower as she will be 72 at retirement).
- Bill Bennett (BC Liberal MLA, Kootenay East, 16 years) – Initial annual pension payout: $83,504. Lifetime total to age 80: $1.23 million. Lifetime payout is slightly lower as he will be 67 at retirement.
- Gordon Hogg (BC Liberal MLA, Surrey-White Rock, 20 years) – Initial annual pension payout: $82,607. Lifetime total to age 80: $805,800. Lifetime payout is slightly lower as he will be 71 at retirement.
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