MPs who either lost or didn’t run line up for ‘golden parachute’ from Ottawa

If you're the type of person who feels sorry for losers, you may want to check your emotions over the federal MPs who lost their jobs in Monday's election.

Canada has a very generous retirement package for its Members of Parliament, virtually unmatched in the private sector unless of course you're the CEO of a big bank.

More than 100 MPs, including separatists, will get millions in pensions, the Toronto Star reports.

For example, former Bloc leader Gilles Duceppe, 63, who advocated for the destruction of Canada, will get $140,765 per year, while former Toronto Liberal MP Joe Volpe, also 63, will pull in $120, 392 for his 23 years of service.

Sweet deal? You be the judge.

Canadian taxpayers are on the hook for $4.9 million in pension payments this year alone for the 113 MPs who either lost or didn't run again, the Canadian Taxpayers Federation states.

Another $4.3 million will be paid out in severance, according to the federation.

"While many MPs went down to defeat (Monday), most are still big winners," said CTF national research director Derek Fildebrandt. "Even though losing an election can be hard, MPs should find a nice soft landing with their 'golden parachute.'"

Unlike the private sector where most pensions are defined-contributions, or RRSP-style plans, former MPs receive the same guaranteed payout regardless of how the market performs.

Old-fashioned savings for retirement aren't required.

The federation isn't opposed to MPs receiving benefits, but it wants pensions for former politicians similar to private-sector ones. Those supporting such golden handshakes argue higher pension benefits are needed to attract better quality candidates to public service.

And, before we end the pension story, there are always the inevitable double-dippers.

Defeated Liberal MP Ujjal Dosanjh will receive $40,197 from the federal government and another annual cheque from British Columbia for $35,000, where he served almost a decade in provincial politics, including a one-year stint as premier.

Dosanjh told the Toronto Star he was making $250,000 a year as a lawyer before entering politics for a $61,000 annual salary.

"You don't go into politics to get rich," he said.

(Reuters Photo)