Politicians' gold-plated pension plans need further trimming: report
Gold-plated pensions for British MPs could be scrapped under an overhaul of parliamentarians’ pay.
Pensions and juicy severance packages paid to ousted politicians have been branded a reminder of the ‘old, cushioned world of privilege’ by Sir Ian Kennedy, the chairman of the Independent Parliamentary Standards Authority.
The watchdog is expected to unveil a scaling back of the ‘excessively generous’ pensions entitlements and golden goodbyes that many MPs enjoy as part of IPSA’s review of pay and expenses.
Might Canada be considering the same sort of move? They certainly should, maintains Gregory Thomas, federal director of the Canadian Taxpayers Federation.
Many federal politicians who decide to retire at the next election could easily walk away with millions of dollars from the lucrative parliamentary pension plan. And the CTF thinks that stinks.
“Politics shouldn’t be a vehicle for an individual to get rich and become a multimillionaire. Politicians shouldn’t be working for peanuts, but I don’t think most Canadians are aware of how lucrative these pension schemes have become,” Thomas told the Financial Post.
The CTF estimates the pension costs for many longtime MPs to be more than $100,000 a year for the rest of their lives. Indexed to inflation, the parliamentary plan will pay millions of dollars each to retired MPs should they live until age 90 — a not completely unreasonable assumption.
While the federal government has made several changes to its pension plan — including tripling MP contributions and increasing retirement age — they will only take effect after the next election. Might that affect those who decide to run again?
Click here for a list of current MPs and the pensions they will be able to collect when they turn 55 if they retire before the 2015 election.
Do you think that Canadian parliamentary pension plan reform has gone far enough? Or would favour the approach being advocated in Britain?
By Gordon Powers, MSN Money
Posted by: Lorraine | Jul 9, 2021 9:50:27 AM
Are you kidding me. Where does the government get off giving themselves gold plated pensions. Taking from senior pensions. I paid into my pension for over 50 years. the government tell me it is a privilage. It is my right to get the money back I earned. Those jack-asses do nothing they do not derserve anymore than me.
Posted by: david LEE | Jul 9, 2021 9:50:53 AM
these pensions are sickening! There's no way these gold plated plans are even sustainable! Cut them back to something reasonable, otherwise cut off altogether! disgusting missuse of my taxes!
Posted by: MrKenn | Jul 9, 2021 10:19:43 AM
These MP pensions are just too rich. I can see them being a little better than the public, as some may have given up a career to go into politics. But there is no reason they get the pensons indexed to inflation while we don't. And severance when they are defeated or quit is ridiculous
Posted by: Dave S | Jul 9, 2021 10:43:33 AM
This is a huge part of the reason Canadian personal debt is at record highs. The Government does nothing for the average hard working individual that has held a job and paid into the system for 40 plus years. There is NO accountability for government actions and that is the main issue, which is HUGE. These pensions should be eliminated immediately. There is absolutely no good reason they should benefit from such abuse of tax payers money. Future generations CANNOT afford such abuse of revenue. The maximum payout from CPP should be all they receive or entitled, certainly not a pension of more than someone who has worked over 40 years for this country. Maybe if our country's unemployment rate was under 5% that could be a small pension available, but nothing of this magnitude. This is TOTALLY unexceptable, just take it to a national vote and find out.
Posted by: B. Tucker | Jul 9, 2021 11:21:21 AM
To think that the young crook of a senator Brazeau at the age of 28 will be a very rich man when he retires from his government position - all at the tax payers expense for the rest of his life. No wonder Canadians bitch at their government. Throw out the dictator of a PM and all his cronies... I suspect ANY party is better than the PC's.
Posted by: Ron Donovan | Jul 9, 2021 11:23:17 AM
This seems so unfair to all working people. That a full pension can be earned in so short a period of time and with so little input of monies as to output from it. Then to start it at 55 when most today
are trying to just live and are working past 65. Our government should be Overhaulded.
Posted by: John | Jul 9, 2021 11:29:34 AM
How many people died before they collected Canadian Pension Plan? (CPP)
THIS IS SOMETHING TO REALLY THINK ABOUT!!!!
THE ONLY THING WRONG WITH THE GOVERNMENT'S CALCULATION OF AVAILABLE CPP IS THAT THEY FORGOT TO FIGURE IN THE PEOPLE WHO DIED BEFORE THEY EVER COLLECTED A CPP CHEQUE!!!
WHERE DID ALL THAT MONEY GO?
Remember, not only did you and I contribute to CPP but your employer did, too. It totalled 15% of your income before taxes. If you averaged only $30K over your working life, that's close to $220,500. Read that again. Did you see where the Government paid in one single penny?
We are talking about the money you and your employer put in a Government bank to insure you and I would have a retirement cheque from the money we put in, not the Government. Now they are calling the money we put in an entitlement when we reach the age to take it back. If you calculate the future invested value of $4,500 per year (yours & your employer's contribution) at a simple 5% interest (less than what the govt. pays on the money that it borrows), after 49 years of working you'd have $892,919.98.
If you took out only 3% per year, you'd receive $26,787.60 per year and it would last better than 30 years (until you're 95 if you retire at age 65) and that's with no interest paid on that final amount on deposit! If you bought an annuity and it paid 4% per year, you'd have a lifetime income of $2,976.40 per month.
A woman married twice and had two deceased husbands who died in their 50's, (one was 51 and the other one was 59 before one percent of their CPP could be drawn). She worked all her life and is drawing 100% from her own CPP so she's receiving the maximum allowable payment per month.Her two deceased husband's CPP money will never have one cent drawn from what they paid into the CPP plan all their lives.
THE FOLKS IN OTTAWA HAVE PULLED OFF A BIGGER PONZI SCHEME THAN BERNIE MADOFF EVER DID AND GOTTEN AWAY WITH IT.
Entitlement my foot, I paid cash for my CPP! Just because they borrowed the money for other government spending, doesn't make my benefits some kind of charity or handout!!
Remember Senator's benefits? --- free healthcare, outrageous retirement packages, 67 paid holidays, three weeks paid vacation, unlimited paid sick days. Now that's welfare, and they have the nerve to call my CPP retirement payments entitlements?
We're "broke" and the Government can't help our own Seniors, Veterans, Orphans, or Homeless. Yet in the past few years we have provided aid to Haiti , Chile, Turkey, Pakistan, etc., etc., etc. Literally, BILLIONS of DOLLARS!!! And they can't help our own citizens !
Our retired seniors living on a 'fixed income' (CPP and OAS) receive no additional federal aid nor do they get any financial breaks, while our government and religious organizations pour hundreds of billions of $$$ and tons of food to foreign countries!
They call CPP an entitlement even though most of us have been paying for it all our working lives, and now, when it's time for us to collect, the government is running out of money. Why did the government borrow from it in the first place? It was supposed to be in a locked box, not part of the general fund.
Sad isn't it? 99% of people won't have the guts to forward this.
I'm in the 1% and I just did.
Posted by: larry barclay | Jul 9, 2021 11:35:47 AM
people that blaim the pc must think back to who brought thy plan in it was the liberls that brought all these perk in
Posted by: Ed | Jul 9, 2021 11:43:12 AM
This was all approved by a liberal governments in the past. Reforms members in the early 90's spoke against this insane pension for MP' s At the time the reform opposition forced the government(liberal government) to reduce pensions for MP which did happen. Three Reform members took no pension at all. Just last year the Conservative government passed legislation to substantially reduce MP's pensions to take effect after the next election(only right) Under the new rules Mr. Harper will get 2.8 million less if he lives to age 90.
Why isn't the media giving him credit for this???
Posted by: Janiemac | Jul 9, 2021 11:46:57 AM
Look at how many of our Stepford Conservatives are stepping down this year. Do you think maybe they are getting out while they can get the gold plated pansion plan? Wait to see how many more leave before the changes in the 2015 election. Can't wait to get these liars and cheats out of office.
Posted by: Ron | Jul 9, 2021 11:56:29 AM
I get a chuckle out of all these comments. OF COURSE THESE GOLD PLATED MP PENSIONS ARE TOTALLY RIDICULOUS!!!!!! But, remember you, yes you reading this, YOU voted these morons into
office. Who is responsible....YOU ARE!!!!! Quit whining and do something about it. Look at the mess
these Provinicial Liberal MPP's have made in Ontario. WHO IS RESPONSIBLE....you say MCGinty and
the Liberals.....WRONG you voters that voted for a Liberal Government are at fault, because they said they would give immigrants a lot of money if they got re-elected. Stop passing the buck and the blame and start listening to the Taxpayers Federation. Do you think HARPER cares about you the taxpayer. WRONG, WRONG, WRONG, YOU ARE NOTHING BUT THE SWILL IN THE TROUGH these swine are sucking up. Remember the Reform Party..they were going to cut taxes so you were going to vote them into power and then they made a deal with the Convservatives and put Harper. WHAT
has he done for you but raise income taxes, raise small business taxes and in the end who benefits???? THEY DO with their gold plated Million dollar pensions. How are you making out on your pensions. Next election vote these people out of office. Make a change of Government every four years and they will start working for you.
Posted by: myrtle | Jul 9, 2021 12:23:04 PM
why are the rules for pensons not the same 65 years or older,below that only special reasons, and not becuase you spent to much to save for old age .the rules should be the same for all Canadians,living in Canada,with a Canadian residential address.there are to many not prepairing for old age.why should a few rake in from the top. i payed and saved to. we all should be ready with are own, government work should be no different than a hotel worker.all the same.
Posted by: John | Jul 9, 2021 12:24:40 PM
John,I for one agree with everything you wrote.These pm`s should only get what I or any other person gets after 40+ years of work. Their so called entitlements are nothing short off highway robbery in my why of thinking and should be no more or less then we would get after 40+ years on the job.
Posted by: Janiemac | Jul 9, 2021 12:50:09 PM
While we are talking about the Stepford Conservatives, where is the 3.1 billion dollars missing from anti terrorist funding? From the mouth of the Auditor General, Michael Ferguson "lack of information on spending and results achieved is a common theme of this government". Where is our great economy (the Liberals left is with a 12 million dollar surplus), where are all the tax cuts ( 1% cut to GST years ago does not cut it). What's with the new tariffs that will hurt small business and raise the price of consumer goods. While I'm asking, where are all the ethanol stations on every corner?
Who voted for these guys? Not me!
Posted by: Louise | Jul 9, 2021 1:00:42 PM
For the amount of months they spend in session and their expense acccounts it is highway robbery!
They should be entitled to what we TAX PAYERS receive after age 65.
Posted by: Ima Fedup | Jul 9, 2021 1:05:53 PM
Absolutely disgusting,disheartening and sadly so typical over the last 50 years(and counting) !!
The Politicians have changed their roles from public servants and representatives to self proclaimed rulers.
They talk about their inflated and constantly re-polished benefits and income being necessary to attract and retain good people and yet we are faced with year after year of over spending,improprieties,expense claim abuse,childish antics from parliament to municipal chambers. Non disclosure and closed door politics concerning our tax money, back door and under the table deals , failure to properly document spending and failure to present fair bidding on jobs.unfair hiring practices involving Nepotism....i could go on and on and on...
Instances where any other employer would terminate and perhaps call police and instead golden parachutes are awarded to the guilty blemished individuals.
Me thinks that there are so many rotten apples in these political barrels, that they are committing tax payer money to buy silence.
The worst part of it is, they have every reason to believe that they will get away with it, as we, Canadian's, have a history of complacency and apathy.
The politicians herd us, their sheep, in every direction they wish.
We are their culled serf and plebe in their municipal,provincial and federal kingdom's.
They need to raise taxes to be able to increase their income and benefits and their expense accounts spending, paid business trips to the Olympics and exotic locations for themselves and family and friends. Their $3000 lunch and dinners with wines and cognac's..even at the cost of reduced services to the disabled and seniors. reduced health care and security and education.
there appears to be nothing holding back their greed and insolence.
How could the level of competence reduce....maybe an honest idiot would be an improvement...
I cannot imagine what it would be like if we had to resort to choosing from a list of incompetent,selfish,self serving,promise breaking,spending zealots with no apparent ability to cut costs,increase efficiency,eliminate redundancy and reduce the burden on tax payors.
I mean ..it would be..like now....
From Premiere to the Purple Peacock.They spend like we are their bank and without conscience.
They take money for not attending meetings,do not disclose it and then when discovered, feel entitled to it.
what audacity...try doing that at any other job and see what happens..i hear sirens..i see pink slips and hand cuffs....and not the fuzzy ones...
Amazingly..The leader of our elected party does not seem to see any wrong or shame in the tax payor being defrauded, until her livelihood appears to be endangered..I still do not know if all the funds have been returned.
how is this representing our wishes or best interests...ever??
It seems fairly straight forward to me...didn't do the work...refund the money..How could a leader see it any other way and still be our leader??
The Purple Peacock camera hog rides in to town with promises of reduce cost,increasing efficiency and fighting taxes.wins our vote and does not keep his promises.
Our taxes have never been higher.
He is not doing his job or keeping his promises.
Keeps our $52 million propert tax refund for other purposes.
dictates that he knows better and when he offers us a pretence of making a decision on the funds,
rescinds the offer on the premise that there is something in the municipal regulations that forbids the city from returning tax payor money to the tax payor aka the rightful owners.
when was that voted on, who voted it in and how the heck is that representing us ..the tax payor?
Put that to a public vote right now and I would find it hard to believe that we the people would reflect that decision.
In that case, once again the questionable antics of the politician and the obvious stain of their self serving will rise to the fore front.
Just in time for their next salary and benefit review.
Even the good ones are not guiltless as most remain silent and go with the flow.
Killing time to pension qualification.
we need to fire them all and rewrite the job mandate,pay practices and incorporate standards for dismissal without severance pay.eliminate increases beyond cola.incorporate voter assessment.
don't like this deal...don't apply for the job.
The purple Peacock Proclaims himself Calgary"s most popular Mayor" and lives the life of Riley,thinking job well done.
What a fizzle and disappointment.
Could have made a difference.
No substance, just looking for a photo op.
I will be spending my vote much wiser next time.
I hope more of you do as well.
I have to repeat this as it sticks in my craw...
They know what the job entails and what it pays when they apply and yet shortly after they show up for work, they start to feather their nest and increase their pay and benefits, often behind closed doors.
If you do not like the pay and benefits offered, please do not apply for the job.
How did they get the right to make these monetary changes without "OUR" collective say, anyways??
How is them getting all these perks, representing our wishes or best interests ??
I mean, they are supposed to represent us ...right???
I would have said no right away, if only based on their abysmal failure to do their jobs properly,effectively,correctly,efficiently..too many errors,too many over runs.
we need to demand OUR SAY on these benefits and get rid of these pigs.
We need to have proper representation and the ability to rescind office on those that break their campaign platform promises.
If they win my vote by saying they will drop gst and then change their mind, I should be able to rescind my vote and collectively we should be able to void a campaign victory and demand a redo.
there must be total transparency..why should they be able to hide or bury anything.
If they are representing us, why are we prevented from being present or privy to the process.
We obviously need to watch over them.
They must be accountable and be subject to immediate firings if warranted and just like us, risk losing their severance if found to be misrepresenting their office .
they should be entitled to Nothing if they quit, representing means what is good for us is good for them.
no automatic pay.benefit increases.
Cola perhaps but only if they are approved by the voting populace, perhaps like a report card.
things have to improve.
very few of our politicians,at all levels, have avoided the stink.
we seem to have lost our gag reflex....
Posted by: Jim Travagline | Jul 9, 2021 1:22:41 PM
After reading this report I would think those people, MP's and Senators, would be ashamed to be sucking the very life out of the Canadian Taxpayer. My apologies, I forgot, once in office in Ottawa, the first thing you give up is your sense of shame. Except for the very few and they can be counted on the fingers of one hand. JMHO.....
Posted by: Christopher Weedmark | Jul 9, 2021 3:26:36 PM
Pensions should be calculated in the exact same way all other pensions are calculated for all Canadians. Politicians should not have separate laws allowing them to get bigger pensions than any other Canadian. Equal rights! Canadians allow their government ( if that is what you call it), to make laws and policies that will allow politicians to be rich long before they retire. Most of the politicians are lawyers or CEO's of some company and they are going to get a huge pension from their occupations outside of politics as well. A corrupt and greedy system for a corrupt and greedy people.
Posted by: Cat | Jul 9, 2021 3:59:01 PM
No other Canadian gets the kind of pensions and expense accounts and housing allowances etc etc than our good old government! Of course when its not their hard earned money, who cares? It's about time they ALL became accountable for every cent of our money spent. You can't trust anyone in government anyways, none of them live up to their promises and for heavens sake, if they are let go for some scandal, why should they get anything? That would be like your average Canadian getting fired from their job, would we get anything? I think not! Other than a hassle trying to collect some measly EI cheque! As Canadians, its time we step up and say NO!
Posted by: ColinW | Jul 9, 2021 4:15:34 PM
This cut back should be made immediately and should apply to all pensions being presently paid. The cur back should also so significant the public could see it.
Posted by: noel evans | Jul 9, 2021 4:35:19 PM
Politcians walk away with gold plated pensions pretty much fpr the rest of their lives,non government employees walk away,like myself into serfdom with a paltry 21 thousand a year and out of that I pay rent food clothing hydro cannot afford to drive do not smoke or drink alcohol,cannot eat out,and the politcians pension comes out of my pocket and that is an insult,wow what a job especially when most of them do not give a damn about anyone except their own gold plated expense account and pension.oh and I forgot the orange juice at the Savoy Hotel in London.
Posted by: Eric | Jul 9, 2021 4:56:21 PM
Oh .. I get it now.
I was wondering why so many conservatives were not seeking re-election.
Now it all makes sense.
Posted by: Clive Bishop | Jul 9, 2021 5:25:15 PM
Many politicians say they are not paid what they are worth.I agree.However, if they were paid what they are worth,they find it hard to live only on minimum wage.
Posted by: Clive Bishop | Jul 9, 2021 5:28:02 PM
I can think of no other job that is so highly paid as a politician and there is no requirement for any qualifications whatsoever.
Posted by: We need help now | Jul 9, 2021 5:42:52 PM
Justin Trudeau will get a bigger pension than me if he leaves politics in 2015??? WTF??? I have put 50 years into the work force of this country and still get screwed!!! Maybe it's time to follow the lead of the Egyptians and get rid of these idiots! Anybody in the military want to join ? After all, they screw the armed forces and our vets royally too !! Disgusting B.S.!!!!!!!!
Posted by: Chris | Jul 9, 2021 5:42:55 PM
I know that gold hasn't been one of the most stable investments lately, but it still has apperciated about 500% since 2001.
Posted by: Darlene | Jul 9, 2021 5:48:50 PM
Well Hi all,
I like what U all said and it is true that we elect them so we as a people are responsible for what they do to us.
I vote for NDP every year. They are doing great out in BC. They are cutting thier pensions while our folks are giving themselves larger pensions all the time. "Gold Plated" isn't Gold but it sure hurts us that are on a pension like me. I live on ODSP and CPP. I don't make alot and it will even go down 500 when I reach 65, that will hurt me big. I can't afford meds and glasses and dentures and all this other stuff which keeps going up up up.
We also are a part of making the cost go up by not being responsible. I don't have debt and I think stealing is wrong. I feel we should all have equal pension amouts no matter what we do.
I was born with a brain disorder and was in a car accident and I was even in collage to try to get into the work world.
But life happens and U need to change what U do.
That is what I think we need to do as a people,
Get a new Goverment that cares about the needs of the general people and not just the numbers and stuff like that.
Thanks for letting me speak my mind, Darlene.
Posted by: Joe saini | Jul 9, 2021 6:12:12 PM
These sort of lucrative pensions never stops.Another one crops up here and there. We should not vote for these parties until they have clear motives.Look at Ontario millions were squandered and they got away with a light tap on their shoulders. remember the tax payers are in the end responsible
Anyway the taxpayers federation are useless informing the public. Politicians will keep on doing irregulaties on and on.
Posted by: We need help now | Jul 9, 2021 6:23:24 PM
I guess we should just bend over and take one for the TEAM again.We could vote for someone else but like the Liberals before them they start doing the same things to us.We need a commitee with the power to step in and stop these ludicrous things from happening!But then,they will end up being corrupt too.Sigh! The circle jerk just keeps turning.
Posted by: juanra | Jul 9, 2021 6:45:24 PM
Hey people why are we sometimes too slow to see what’s going on?
I read just many compliance postings, but few or none give solution to the problem
This is not news, it’s has been happening since….20-30-100 + years ago?
Maybe. And it’ll continue ‘til, (quote): “While the federal government has made several changes to its pension plan — including tripling MP contributions and increasing retirement age — they will only take effect after the next election. Might that affect those who decide to run again?”
Until the next election?... Really?
Changes? …for their own benefit?
How many more millions C$ from taxpayers’ pockets will be taken away ‘unnoticed’?
Come on, awake guys!
For the rooted, fermented government’s use-of-our-money wrongdoings, they deserve an answer from all high-medium-lower class people-taxpayers: take feasible measures defending your so hard earned wages, salaries (with very low C$ pensions in return; too late retirement age -67- compared to theirs 55 -; not enough C$ funding for a proper education for the kids, and the list goes on…) So, make it change:
change the laws –
change the people in government
reduce the power / privileges for people governing – in all levels -
don’t wait too long for taking corrective actions. Make changes.
I’m just thinking, but history shows us sometimes it’s been necessary…coup d’?
No, this is too much for our way of thinking/living. However, something else has to be done for a better government’s use of our taxpayers C$ money, by those in the influential-decision-making sphere and those who we are ordinary Canadian citizens, as well. I hope so. Because, if we don’t change for better we won’t evolve/transform our Country in something better for the actual kids, teens, and younger generations living in this times and the ones coming ahead, and probably, will they face more government C$ money- abuse, and scarcity for people, than we actually do?
They say in other countries: in other words, “it’s a big mistake to be living out of the government’s money-financial-budget”