Fixing rich, underfunded MP pensions is a key step in pension reform, according to a report released today by the C.D. Howe Institute. In “Fixing MP Pensions: Parliamentarians Must Lead Canada’s Move to Fairer, and Better-Funded Retirements,” author William B.P. Robson argues that the Pension Plan for Members of Parliament (MPs), which covers members of the House of Commons and the Senate, is the most problematic of federal employee pension plans.
“The MPs’ plan promises very generous benefits, but has set aside essentially no assets to pay them,” says Robson, who is President and CEO of the C.D. Howe Institute. “Realistically, gaining the moral authority to lead Canada’s search for a better retirement income system means MPs must fix their own pensions first.”
