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OUSTED POLITICIANS IN LINE FOR GOLDEN PENSIONS

The 180 MPs who were either defeated or didn’t seek re-election in the election will collect $5.3 million in annual pension payments, estimates the Canadian Taxpayers Federation.

In total, pensions will be worth a cumulative $209 million by the time the MPs reach age 90. In addition, another $12.8 million in severance cheques will be issued to former MPs.

For MPs who retired or were defeated on Monday, taxpayers contributed $17 for every $1 put into the plan by an MP towards their pension. After January 1, 2016, the ratio will gradually shift to a ratio of $1.60 in taxpayer contributions for every $1 put in by an MP or Senator.

Wudrick noted that eight former MPs will gather more than $100,000 a year in pension income, including outgoing Conservative cabinet ministers John Duncan ($132,394), Peter MacKay ($117,746) and Bernard Valcourt ($116,987). In terms of lifetime estimated benefits to age 90, 21 MPs are projected to collect more than $3 million, including MacKay ($5.9 million), Liberal Gerry Byrne ($5.2 million) and Conservative Rob Anders ($4.7 million).

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