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Should Ottawa shut down the MPs' pension fund?

Categories: Politics

Pressure is building on members of Parliament to give up what the Canadian Taxpayers Federation calls its "platinum-plated" pension fund.

canada-sopa-220.jpgAbout a third of Canadians have an employer-supported pension and some of these will match contributions dollar-for-dollar. For every dollar that MPs put into their pension fund, however, taxpayers contribute $5.

But the CTF says the situation is worse than that. Because the pension plan has an interest rate of 10.4 per cent - a rate that is fixed and guaranteed in law - the taxpayer contribution works out to about $23 for every dollar.

MPs are eligible for the pension after serving for six years and can start collecting at age 55.

Some MPs defended the pensions they get.

"If you compare the responsibilities of an MP with the regular marketplace, there's a pretty good balance," said NDP MP Wayne Marston.

"What I've always heard, the average career of MPs is five years. I think that's something to consider," Liberal MP Geoff Regan said.

Some defenders of the pension say that it's an important part of MPs' remuneration, ensuring that qualified people will consider a career in politics.

Do you think MPs should give up their pension plan? What changes would you propose making? Let us know in the comments below.

(This survey is not scientific. Results are based on readers' responses.)

Tags: money, Politics

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