LETTERS TO THE EDITOR — MP’s pension jackpot shows plan

When Bloc Quebecois MP Jean Lapierre decided to retire from politics recently, he hit the MP pension jackpot.

At the ripe old age of 36, Lapierre can retire in the happy knowledge that he will likely receive pension payments worth about $4 million during the rest of his life.

This is all thanks to the gold-plated pension plan that our MPs enjoy. It allows them to qualify for a pension after only six years in office, payable immediately on retirement, regardless of their age.

In Lapierre’s case, this means he will receive about $40,000 a year in benefits from the day he leaves office. Also, thanks to the lavish inflation protection feature built into the plan, his pension will more than triple when he turns 60, assuming a modest average inflation rate of 5%. As an added bonus after age 60, his pension will be fully protected against inflation — no matter how high it goes.

To add insult to injury, of course, is the fact that Lapierre is a separatist, a man dedicated to the destruction of Canada as we know it. Apparently, however, his conscience allows him to accept a multi-million dollar golden handshake — paid mostly by Canadian taxpayers. If nothing else, Lapierre’s outrageously rich benefits should remove all doubt that the MP pension plan is in need of drastic reform. Specifically, it should be brought into line with those in the private sector. After all, what the MPs call a pension plan more closely resembles the winning ticket in a cash-for-life lottery.

David Somerville,

President

The National Citizens’ Coalition,

Toronto