Cushier MP payouts assured

Local Tory MPs Russ Hiebert and Nina Grewal can expect fatter MP pensions now that their election wins and the Conservative majority assure them of serving in Parliament until at least 2015.

Conservatives Nina Grewal (Fleetwood-Port Kells) and Russ Hiebert (South Surrey-White Rock-Cloverdale).

Local Tory MPs Russ Hiebert and Nina Grewal can expect fatter MP pensions now that their election wins and the Conservative majority assure them of serving in Parliament until at least 2015.

Both MPs, first elected in 2004, already passed the six-year threshold in 2010 to qualify for the rich pensions the Canadian Taxpayers Federation wants reformed.

Defeated Vancouver South Liberal MP Ujjal Dosanjh, also elected in 2004, leaves with a pension worth $830,000.

But another four years of service should give Hiebert and Grewal pensions worth well into seven figures.

Nine B.C. MPs get pensions after they were defeated or retired and their payouts average more than $2 million.

The current MP pensions are guaranteed – they won’t fluctuate with markets – and are funded with $4 from Ottawa for every dollar the MP contributes.

The taxpayers federation says the formula is far too rich and wants it reduced to a dollar-for-dollar match.

The only two defeated B.C. MPs who weren’t in office long enough to qualify were Surrey-North Conservative Dona Cadman and Newton-North Delta Liberal Sukh Dhaliwal. Instead, they leave with $79,000 in severance.