Veteran Liberal MLA Larry Kennedy now qualifies for a $74,000-a-year pension. (CBC)

The New Brunswick Opposition Conservatives say they now support a review of the controversial MLA pension plan, while the Graham Liberals say they may also support a review.

But any review would likely take several months to complete, clearing the way for current MLAs to retire with their new benefits intact.

On Monday, CBC News reported that MLAs have decided not to strike a commission to review their pension plan, two years after quietly and unanimously voting themselves an 85 per cent increase in their benefits.

'If there is the will from the LAC [legislative administration committee] members to proceed with a review, then I am sure that will be undertaken.'—Finance Minister Greg Byrne

It was supposed to be a temporary change pending a further review, but the legislature committee that was supposed to launch an outside review of the pension plan has not acted on the issue.

The politicians now have one of the richest political plans in the country, with the biggest winners sitting on both sides of the house.

Big winners

Veteran Liberal MLA Larry Kennedy, with his 21 years of service, leads the pack. He now qualifies for a $74,000-a-year pension if he retires this year - $30,000 more than he would have gotten before the increases.

Close behind is 20-year Conservative MLA Bev Harrison, who can count on $70,000 if he retires this year, 19-year Liberal MLA Stuart Jamieson, who will get $67,000, and Conservative MLA Dale Graham at $60,000.

Jamieson, Harrison and Graham also have ministerial pensions.

In 2008, MLAs hiked their base salary to $85,000 from $45,757. But, they also terminated two tax-free allowances that previously were used to supplement their incomes.

As a result, MLA pension accounts were flooded with millions of dollars because the expense allowances had not been part of the pension plan, prior to being converted into salary.

The move was recommended in an independent report by Justice Patrick Ryan, the province's conflict of interest commissioner, as part of a review of MLA compensation.

But Ryan suggested it would be temporary because he had also recommended an outside review.

"All recommendations were agreed to, including that one [for a review] and we would be prepared at any time to support the initiation of a committee to deal with that whole issue," Harrison told CBC.

"If there is the will from the LAC [legislative administration committee] members to proceed with a review, then I am sure that will be undertaken," agreed Finance Minister Greg Byrne.

The New Brunswick plan now pays a $30,000-a-year pension after eight years of service, up from $16,500 and $76,000 after 20 years, almost double the previous $41,000 under the old guidelines. All pension amounts are fully indexed to inflation, up to six per cent.

The cost of funding the plan has grown by nearly $1 million a year, according to a 2009 actuarial evaluation.