Trudeau could earn $8.4M from two pensions, taxpayer group estimates

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The cash windfall former prime minister Justin Trudeau could collect from two government pensions is estimated at more than $8 million.

According to numbers crunched by a taxpayer advocacy group, Trudeau could rake in approximately $8.4 million from his MP and prime minister pensions.

Franco Terrazzano, the federal director of the Canadian Taxpayers Federation, said he is calling on all party leaders to commit to ending the second pension for prime ministers.

“Taxpayers can’t afford to pay for all of the perks in Ottawa and the government should start saving money by ending the prime minister’s second taxpayer-funded pension,” Terrazzano said in a statement Wednesday.

“Prime ministers already take a salary nearly six times more than the average Canadian and they already get a lucrative MP pension, so taxpayers shouldn’t be on the hook for a second pension for prime ministers.”

The MP pension for Trudeau, who turned 53 in December, kicks in when he turns 55 years old and begins at $141,000 per year. A second pension for prime ministers who have served at least four years will receive a special retirement allowance that begins at $73,000 at 67 years old.

If he lives to the age of 90, the CTF estimates Trudeau will receive a total of $6.5 million from the MP pension and $1.9 million from the PM stipend for a total of about $8.4 million.

The annual salary of prime ministers is $406,200.

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“A prime minister already takes millions through their first pension, they shouldn’t be billing taxpayers more for their second pension,” Terrazzano said. “Taxpayers need to see leadership at the top and all party leaders should commit to ending the second pension for future prime ministers.”

The federation noted that former prime minister Stephen Harper forfeited an estimated $1 million to $2 million in additional payouts by implementing MP pension reforms in 2012.

The changes to government pensions increased the retirement age, cut benefits and saw MPs increase their own contributions.

However, the CTF estimate that Harper could still receive a total about $7 million in pension money over his lifetime.