Nine defeated or retiring MPs from British Columbia are in line to collect a combined $18.6 million in pension benefits now that they're out of office.
Canadian Taxpayers Federation national research director Derek Fildebrandt said the former MPs turfed by voters Monday night or who chose to retire "should find a nice soft landing with their ‘golden parachute’.”
The biggest payout will go to Liberal MP Keith Martin retired with a pension that adds up to $3.9 million.
Conservative MP Gary Lunn, defeated by Green Party Leader Elizabeth May, leaves with $2.2 million in future pension entitlements.
Liberal MP Ujjal Dosanjh, defeated in Vancouver South, leaves with a pension worth $830,000.
Conservatives Jay Hill and Chuck Strahl both retired from federal politics with $3.3 million pensions.
Tory MP John Cummins, who retired from federal politics to lead the BC Conservative Party, now gets a pension worth $1.33 million.
Conservative retiree Stockwell Day gets a package worth $1.67 million, Tory MP Jim Abbott retires with $1.36 million and the NDP's Bill Siksay takes away $732,000.
All the qualifying B.C. MPs can opt to start collecting their pensions immediately.
The Taxpayers Federation argues the current pension system for federal politicians is too rich, contributing $4 for every dollar contributed by an MP. It favours a dollar-for-dollar matching formula now used in Saskatchewan and Ontario.
"The vast majority of Canadians working in the private sector have no private pension plan of their own and those few who do, normally have defined-contribution, RRSP-style plans," Fildebrandt said.
"Most Canadians have to save for their retirements the old-fashioned way. MPs by contrast are guaranteed a steady payout regardless of how investments and the market perform."
Two MPs defeated in the May 2 election - Conservative Dona Cadman and Liberal Sukh Dhaliwal - did not serve the minimum six years to qualify for the MP pension. They will receive $79,000 in severance pay.
