Retiring MP pensions now average $81Gs, new report says

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OTTAWA — Canada’s golden parachute for returning MPs got a bit shinier, according to a recently-released government report.

According to the latest Report on the Administration of the Members of Parliament Retiring Allowances Act, an annual Treasury Board Secretariat bulletin on parliamentarian pension, retired MP pensions averaged $81,140 as of the end of the 2024 fiscal year, with $54.3 million paid out in benefits.

These benefits include retirement allowances, survivor benefits, withdrawal allowances and spousal pension divisions.

Established in 1952, the Members of Parliament Pension Plan provides retirement income for eligible members of the House of Commons and Senate, with benefits provided to spouses and children upon the member’s death.

A total of 1,193 members are currently enrolled in the parliamentarian pension plan — 432 active MPs and Senators, 569 who are retired, and 192 cases paid out to spouses and children of deceased members.

MPs and Senators with six or more years of service are pension-eligible upon reaching retirement age, however some are eligible to receive more.

Upon leaving office, former prime minister Justin Trudeau will net over $8 million over two separate pensions when he reaches retirement age — one for his nearly 17 years as a member of parliament, and a second for his decade as prime minister.

Members of Parliament who found themselves voted out of office in April who didn’t qualify for a pension include Matthew Green, Irek Kusmierczyk, Han Dong, and Taylor Bachrach.

MPs who don’t meet the six-year eligibility criteria for a pension are still entitled to the customary lump-sum severance payout of one-half their regular salary, or $104,900.

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