Maritime Members of Parliament are getting some of the richest pensions in Canada and a new campaign is demanding change.
The Canadian Taxpayers Federation launched a billboard campaign this week in five major cities across Canada. The message of the campaign focuses on small dollars that grow very large.
Seventeen of the Maritimes 25 MPs have million dollar pensions, mostly paid for by taxpayers. For every dollar MPs chip into their pension, taxpayers must pay up to $24.
The federation has calculated what MPs will have in pensions by the time the next election rolls around in the fall of 2015. Maritime MPs are poised to enjoy very lavish pensions, according to Kevin Lacey of the Canadian Taxpayers Federation.
“Nova Scotia federal minister Peter MacKay would earn by 2015 a $117,000 a year annual pension payout,” Lacey tells CTV News.
N.S. Liberal MP Scott Brison would have a $96,000 dollar a year pension if he left office or was defeated in the 2015 election and it would total over $3-million if he lived until the age of 80.
For N.S. Conservative MP Gerald Keddy it would be $94,000 and $93,000 for N.S. NDP MP Peter Stoffer, with the lifetime value of both inthe millions.
New Brunswick Liberal MP Dominic Leblanc is in line for $55,000 when he reaches age 55 and $1.7-million over the life of the pension.
The big winners are Liberals on P.E.I.
“Wayne Easter, a Liberal from Prince Edward Island, would earn close to $130,000 a year in total pension payout,” says Lacey.
Lawrence MacAulay, another Liberal MP on the island, is closing in on $150,000 a year.
A federal MP qualifies for a pension after winning two elections and serving six years in Parliament.
“These are outrageous payouts when you consider the average Canadian earns on CPP just $536 a month,” says Lacey.
Maritimers agree that the pensions are outrageous.
“It’s insane. How about one to one? A dollar from us, a dollar from them,” says nurse Jane Collins. “I’d like to get that. That would be nice. That’s just out of reach.”
“I spent 20 years in the armed forces and my pension comes to about $8,500 a year,” Burt Lunnon tells CTV News.
The pension contributions are not put at risk in the market. The money is put in government accounts, according to the Canadian Taxpayers Federation, and MPs voted to give themselves a 10.4% interest rate on that money.
The government has promised changes that MP Peter Stoffer believes have to be done.
“There is no question the MPs and Senators pension plan is very generous,” says Stoffer. “No one can doubt that and yes, it should be changed.”
Lacey’s organization is looking for taxpayers to contribute $24 each to pay for the billboards – the same amount they contribute to pensions.
So far, 500 people have contributed.
With files from CTV Atlantic's Rick Grant
