Who administers the Members of Parliament Retirement
Allowance Act?
The Specialized Services Division of Compensation Sector
administers the Members of Parliament Retirement
Allowance Act. Information on Members of Parliament
pensions is protected from disclosure pursuant to the
Privacy Act. General information is available
by visiting the following Web Site: http://laws.justice.gc.ca/en/title/A.html
How would you calculate what pension would be paid
to an MP who has been sitting since 1997 and who will
not be reelected in June 2004?
A member of the House of Commons who was first elected
in the general election on June 2, 1997; whose
last day as a member of parliament would be June 28,
2004 is entitled to a retiring allowance calculated
in accordance with the Member of Parliament Retiring
Allowance Act (MPRAA).
The following is an example of the Member of Parliament
retiring allowance entitlement:
| The basic formula for
calculating a Member of Parliament retiring allowance: |
| Average Sessional Indemnity
X Applicable accrual rate X service |
|
Average Sessional Indemnity
(Best 5 consecutive years):
|
$114,777.67
|
| |
|
Accrual Rates in effect at the time:
|
|
June 2, 1997 to
December 31, 2000:
|
4%
|
|
January 1, 2001
to June 28, 2004:
|
3%
|
| |
|
Pensionable Service:
|
|
June 2, 1997 to
December 31, 2000:
|
3.58356
|
|
January 1, 2001
to June 28, 2004:
|
3.49041
|
| |
|
June 2, 1997 to December 31, 2000:
|
$114,777,67 X 4% X 3.58356 =
|
$16,452.50
|
|
January 1, 2001 to June 28, 2004:
|
$114,777,67 X 3% X 3.49041 =
|
$12,018.63
|
| |
|
|
|
Total Payable:
|
|
$28,471.13
|
|
