The Treasury Board has reported that retired MPs received an average pension of $77,900 last year, marking a nearly 10% increase since the onset of the pandemic, says Blacklocks Reporter.These pensions, indexed to inflation, aim to "cover increases in the cost of living," according to a Board Report On The Administration Of The Members Of Parliament Retiring Allowances Act. The report detailed that the indexation rate was 6.3% for 2023 and 2.4% for 2022.In 2000, Parliament made it mandatory for all MPs to enroll in the pension plan after the Reform Party criticized it as a "gold-plated" benefit. "The Reform Party was the only party to talk about the MP pension plan," noted former MP Keith Martin (Esquimalt-Juan de Fuca, BC) during a Commons session at the time. "The Prime Minister forced all MPs in the House back into the pension plan whether they liked it or not." Currently, the Commons plan disburses benefits to 579 retirees, surviving spouses and dependent children, as outlined by the Board. MPs need a minimum of six years' service to qualify, with benefits calculated based on their best earnings and seniority."A plan member’s benefits are based on the number of years of pensionable service at retirement, when that service was accrued, the age at which they start receiving benefits and whether they retire because of a disability," the report said. "When a member dies, their eligible survivor and dependent children also receive benefits under the plan."Cost of living increases also affect current legislators' pay each April. Recently, MPs' salaries saw a boost from $194,600 to $203,100 annually, with additional bonuses allocated for various roles. Senators likewise witnessed an increase in their pay from $169,600 to $178,100 per year.In 2005, Parliament passed Bill C-30, amending the Parliament Of Canada Act to mandate automatic annual pay raises for MPs and senators. These raises are based on a labor department index of wage settlements in the unionized private sector. Cabinet has only waived the automatic April 1 raises once, following the 2008 financial crisis.Sen. Lucie Moncion (ON) highlighted in a 2020 debate the legal framework governing their salary increases. "Our salary increase is set by law," she emphasized. "Year in, year out, it is included in the Senate budget and the calculation is built in automatically. If you do not want to receive this increased allowance, the legislation must be amended."
The Treasury Board has reported that retired MPs received an average pension of $77,900 last year, marking a nearly 10% increase since the onset of the pandemic, says Blacklocks Reporter.These pensions, indexed to inflation, aim to "cover increases in the cost of living," according to a Board Report On The Administration Of The Members Of Parliament Retiring Allowances Act. The report detailed that the indexation rate was 6.3% for 2023 and 2.4% for 2022.In 2000, Parliament made it mandatory for all MPs to enroll in the pension plan after the Reform Party criticized it as a "gold-plated" benefit. "The Reform Party was the only party to talk about the MP pension plan," noted former MP Keith Martin (Esquimalt-Juan de Fuca, BC) during a Commons session at the time. "The Prime Minister forced all MPs in the House back into the pension plan whether they liked it or not." Currently, the Commons plan disburses benefits to 579 retirees, surviving spouses and dependent children, as outlined by the Board. MPs need a minimum of six years' service to qualify, with benefits calculated based on their best earnings and seniority."A plan member’s benefits are based on the number of years of pensionable service at retirement, when that service was accrued, the age at which they start receiving benefits and whether they retire because of a disability," the report said. "When a member dies, their eligible survivor and dependent children also receive benefits under the plan."Cost of living increases also affect current legislators' pay each April. Recently, MPs' salaries saw a boost from $194,600 to $203,100 annually, with additional bonuses allocated for various roles. Senators likewise witnessed an increase in their pay from $169,600 to $178,100 per year.In 2005, Parliament passed Bill C-30, amending the Parliament Of Canada Act to mandate automatic annual pay raises for MPs and senators. These raises are based on a labor department index of wage settlements in the unionized private sector. Cabinet has only waived the automatic April 1 raises once, following the 2008 financial crisis.Sen. Lucie Moncion (ON) highlighted in a 2020 debate the legal framework governing their salary increases. "Our salary increase is set by law," she emphasized. "Year in, year out, it is included in the Senate budget and the calculation is built in automatically. If you do not want to receive this increased allowance, the legislation must be amended."
