Former Kenora-Rainy River MP Robert Nault is entitled to a six-figure pension for his 15 years of service in the House of Commons, according to the Canadian Taxpayers Federation.
Nault, who served as Indian and Northern Affairs minister from 1999-2003, will receive a pension of $105,868 per year once he turns 55. In addition, he will receive a severance of $70,500.
“Shed no tears for retiring or defeated MPs. They are being well looked after by Canadian taxpayers,” CTF federal director John Williamson said in a press release.
“Defeated and retiring members will win financially thanks to a gold-plated pension plan for parliamentarians and rich severance payments,” he added.
Nault will receive the same pension and severance as former deputy prime minister John Manley. Sheila Copps will receive $119,869 per year, with a severance of $70,500.
Defeated or retiring MPs who are eligible for a pension, but have not reached the age of 55, also are entitled to receive severance equal to one month for every year served to a maximum of six months.
Severance payments range from $11,800 to a maximum of $70,500.
Two former prime ministers will receive the highest pensions, with Jean Chrétien entitled to $154,179 per year while Joe Clark will receive $111,030 per year.
A total of $3.6 million in annual pensions will be paid out to 50 retiring or defeated MPs this year. Another $3.4 million in severance cheques will be issued, the CTF noted.
The CTF advocates the introduction of a matching dollar-for-dollar defined contribution pension arrangement as opposed to the current plan where taxpayers contribute roughly $4 for each dollar an MP contributes.
“With the opening of a new Parliament, it is time to bring MP pay and pensions in line with public expectations,” Williamson said.
Fort Frances Times
Local News from Across the Rainy River District
