Former Okanagan MPs to earn millions in pension
By Jennifer Stahn
Colin Mayes and Ron Cannan.
Image Credit: COMPILATION
October 20, 2015 - 2:30 PM
OKANAGAN - Colin Mayes may have retired, and Ron Cannan may have been defeated in the 2015 federal election, but with pensions set to pad their bank accounts to the tune of between $1.3 million and $2.3 million over their life-times, taxpayers are not quite done with them yet.
The Canadian Taxpayers Federation released the estimated pension and severance figures for the 180 out-going members of Parliament. In total $209 million in pensions are projected to be paid to those 180 former MPs over their lifetime, in addition to $12.8 million in severance payments.
Ron Cannan, the incumbent Conservative candidate in the Kelowna-Lake Country riding, lost to Liberal Stephen Fuhr in the 42nd general election. With more than 9.5 years as a Member of Parliament, Cannan is entitled to an estimated $83,700 in severance and $46,600 in annual pensions, for a lifetime total of $2.35 million in lifetime pension income.
Former Conservative MP for North Okanagan-Shuswap Colin Mayes also put in 9.5 years as a member of Parliament, but chose to not run in the 2015 election. Mayes is entitled to nearly $36,600 in severance and $47,100 is annual pension payments, according to the taxpayers federation estimations. In total, Mayes’ lifetime pension income could hit just shy of $1.37 million.
Members of Parliament earn a base indemnity of $167,400 with ministers earning an additional $80,000 and ministers of state earning an additional $60,000.
— This story was edited at 12:45 p.m. Oct. 21 to more clearly reflect total payments are not annual payments. Thanks to reader Corwin Kruk for the suggestion
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