MPs to pay more into pensions, Flaherty confirms

The Conservative government today tabled a 443-page bill, the second one to implement the federal budget, that includes changes to MP pensions.

Bill C-45, the jobs and growth act, would extend a popular small business hiring credit, Finance Minister Jim Flaherty said Thursday morning at the Ottawa bike shop Joe Mamma.

It also includes changes to MP and public-sector pensions, Flaherty said, to increase the amount MPs pay into their pensions.

Starting in 2016, MPs will have to contribute 50 per cent of the payments into their pensions. Flaherty says the move will bring them into line with the public-sector changes and closer to the private sector.

"This is a major change and it's vitally important," he said.

MPs will also have to wait until age 65 to start collecting their pensions, or be penalized if they start at age 55.

The precise date for MP pension changes is Jan. 1, 2016. There will be no change to the current eligibility for MP pensions of six years of service.

Another change expected in the budget is a rise in the retirement age, from 60 to 65 years, for new federal workers.

More to come

C 45 Jobs and Growth Act 2012 (PDF)
C 45 Jobs and Growth Act 2012 (Text)

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