That sound you hear?

- September 19th, 2012

Marc Garneau
It’s the space-time continuum rupturing. For here, ladies and gentlemen, we have the Liberals agreeing with the Conservatives that perhaps now would be a good time to overhaul the ridiculously generous pension system for MPs.

Egad. And yes, I do mean that in a good way.

Liberal House leader Marc Garneau says his party is ready to “bite the bullet” and massively overhaul MP pensions.

“I think we have been very fortunate in terms of the pensions and by some optics it is gold plated,” the Quebec MP told reporters Tuesday.

Garneau suggested he wants the government to move away from guaranteed indexed pensions for MPs — pensions that increase payouts with if the cost of living increases — because he is “ready to do what every other Canadian does.”

The Conservative caucus is deliberating MP pension reform before the government unveils its plan in the budget implementation bill. The legislation will be tabled in the coming weeks and will include changes to public service retirement plans.

Taxpayers currently pay $24 for every $1 MPs contribute to their pensions, but the government has signaled it will move towards a 50% contribution from elected officials.

There has also been mounting speculation about a move to increase the age of eligibility for MP pension collection. MPs can presently collect pensions at 55, after six years of service.

I’ll believe it when I see it. But hey, I do like the sound of it.

Categories: Pensions

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