Justin Trudeau to collect two pensions, $104K in severance
The former PM is entitled to one pension for his nearly 17 years as a member of parliament and a second for his decade as prime minister
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OTTAWA – Former prime minister Justin Trudeau’s recent departure from politics will net him over $8 million across two pensions, plus a large severance cheque.
That’s according to calculations made public Wednesday by the Canadian Taxpayers Federation, who released a chart of estimated pension and severance payouts to departing MPs.
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“Pensions for former MPs depend on length of service and the rules at the time,” said CTF National Director Franco Terrazzano.
“When Canadians see some of these numbers, the clear takeaway is that these political pensions are costing taxpayers too much money.”
The former PM is entitled to two pensions – one for his nearly 17 years as a member of parliament, and a second for his decade as prime minister.
Combined, both pensions are worth around $8.4 million, with his MP pension entitling him annual payouts of $141,000 per year when he turns 55 in two years, and an additional $73,000 annually upon turning 67.
“Trudeau is also going to be getting a severance just shy of $105,000,” Terrazzano added.
“When we speak of leadership at the top, the first place for politicians to reign in the perks is to end the second pension for future prime ministers. The prime minister is already taking millions through their MP pension, they shouldn’t be billing taxpayers more for their second pension.”
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A total of 110 former MPs are entitled to either severance or pension.
MPs who don’t meet the six years of service for pension entitlement will receive a severance payout of one-half their regular salary, or $104,900.
In some cases, departing MPs are entitled to both.
Former MPs eligible for a pension and at least $104,900 in severance include Niki Ashton, Rachel Blaney, Pam Damoff, Francis Drouin, Jagmeet Singh, Mark Holland, Kamal Khera, Bryan May, Seamus O’Regan and Alain Rayes.
Despite being eligible after losing his seat on election night, Conservative Leader Pierre Poilievre stated earlier this month that he won’t accept any severance.
Politician pay, Terrazzano said, needs to be more affordable for taxpayers.
“There are 13 former MPs who will get an annual starting pension of more than $100,000, while the vast majority of private sector workers don’t even get a workplace pension,” he said.
“There definitely needs to be a culture change in Ottawa, and that has to start with our elected representatives.”
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