MLA Pension Plan
Legislative changes to the Members’ Remuneration and Pensions Act in 2007 included the introduction of a defined-benefit pension plan. Every MLA under age 71 is required to participate in the plan, which contains the following key provisions:
The amount of the annual pension is based on a benefit accrual rate of 3.5% of the highest 3-year average annual pensionable earnings. The maximum pension an MLA may receive is 70% of these earnings.
An MLA is not entitled to a pension unless he or she has served in the Legislature for at least six years, including the years the Member served immediately prior to the introduction of this plan (April 2007).
An MLA receives about $112 thousand dollars a year and more if the premier, opposition leader, cabinet minister, whip, or Minister of State.
Reports by the Canadian Taxpayers Federation indicates 20 million dollars will be spent by the government on the retiring MLA’s in BC.