Canadians to be billed $70 million for MPs pension plan top-up


Taxpayers will be billed $70 million this year to top-up the federal pension plan for MPs due to a lack of deaths among government pensioners. According to the Actuarial Report On The Pension Plan For Members of Parliaments, the top-ups will reach $75.4 million by 2021 when taking into account interest. “The number of deaths among pensioners was less than anticipated,” wrote the report. “It is expected the government will eliminate the actuarial shortfalls.” The current pension plan guarantees payments of an average of $69,800 a year to retired MPs who have served at least six years in office.

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