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.
Al Hudec says
In addition to the pension, a retiring MLA continues to receive full salary for 15 months after leaving office
Ed Schmalz says
If anyone is interested in pensions of politicians, they may want to check out the pension of Peter Mansbridge, the former newscaster for CBC.
While the details are a little murky, it is an quite interesting that his pension may exceed those of any politician.
Germain Miller says
20 million $ if they all live to the age of 85
Publisher: and your point is ?
Germain Miller says
not all will live that long????
Publisher: Think the story predicated on a average of death dates