Taxpayers will give Oda a $701K pension

The Canadian Taxpayers Federation (CTF) estimates retired International Development Minister Bev Oda’s annual parliamentary

The Canadian Taxpayers Federation (CTF) estimates retired International Development Minister Bev Oda’s annual parliamentary pension will instantly start at $52,183, adding up to $701,464 by the time she reaches the age of 80.

“Bev Oda’s lifetime pension should cover about 43,841 glasses of $16 orange juice,” said CTF national research director Derek Fildebrandt.

“It’s wrong that she can collect $52,183 in annual pension benefits after only eight years on the job,” said CTF’s federal director Gregory Thomas.

“Especially when the average new Canada Pension Plan monthly payment in 2012 is $534.10.”

The parliamentary pension fund is in better shape to cover platinum-plated pensions such as Oda’s, having just been topped up on June 30 with the quarterly deposit of another $23 million taxpayer dollars into the parliamentary pension plan.

Under regulations adopted by cabinet, instead of investing pension funds into the market, MPs simply pay themselves interest at the end of every quarter at a compounded annual rate of 10.4 per cent. The fund has grown by $69 million in the past 12 months and now tops $950 million.

“By charging taxpayers 10.4 per cent interest on their pension plan, MPs retirement savings continue to outperform just about every other pension plan in the country,” said Thomas.

For the year ending 2009-10, taxpayers contributed $102.6 million to the MP pension fund, while parliamentarians chipped in $4.4 million, a $23.30 to $1 ratio.

In 2010-11, taxpayers contributed $110.7 million, while parliamentarians chipped in $4.5 million, a $24.36 to $1 ratio. And the CTF estimates that taxpayers contributed $25.81 to the parliamentary pension plan in 2011-12 for each $1 that federal politicians contributed.

“If Canadian’s don’t speak up this summer, MP pension reform will consist of little more than putting lipstick on a pig,” continued Thomas. “The prime minister must take real action and truly fix these outrageous pensions.”

Just Posted

Blackfalds RCMP seeking information on activities of stolen Fountain Tire Truck

Blackfalds RCMP recovered truck following earlier collision and car-jacking

Blackfalds RCMP on scene of school bus collision and car jacking

RCMP are looking for a silver 2012 Mitsubishi Outlander with Alberta license plate BNR655

Province denying Ponoka funding, further action being touted

MSI and other funding sources now gone until town rescinds motion to withhold property tax money

Ponoka developing long-term guide on transportation issues

Safety is the top concern that residents want addressed as master plan is generated

Ponoka hosting Winter Games torch relay

The Canada Winter Games torch relay is coming to Ponoka

2-for-1: Total lunar eclipse comes with supermoon bonus

On Sunday night, the moon, Earth and sun lined up to create the eclipse, which was visible throughout North and South America

Top Canadian athletes inducted into the Canada Games Hall of Honour

Athletes doing incredible things for communities are inducted into Hall of Honour, says Games CEO

New Canada Food Guide nixes portion sizes, promotes plant-based proteins

Guide no longer lists milk and dairy products as a distinct food group

Red Deer RCMP arrest man after truck collides with six vehicles

No one was injured and the male driver was restrained by a nearby resident until police arrived

Liberals look to make home-buying more affordable for millennials: Morneau

Housing is expected to be a prominent campaign issue ahead of October’s federal election

Man accused of threatening to kill ‘as many girls as I see’

Christopher W. Cleary wrote he was angry because he’d never had a girlfriend and wanted to ‘make it right’ with a mass shooting

Cannabis-carrying border crossers could be hit with fines under coming system

Penalties are slated to be in place some time next year

Alberta government to partially backstop new $2 billion dollar bitumen upgrader

Project would create more than 2,000 jobs during construction

Most Read