A significant number of MPs will have a personal stake in any votes this year that could precipitate a federal election and risk their re-election: Their MP's pension.
If — and it's still a big if — the Harper government survives through February, 2012, then those MPs elected for the first time in the January, 2006 general election will qualify for their pensions.
MPs pensions are calculated based on their five best earning years and they lock in after six years of service. So, your garden variety backbencher earns about $157,000 a year and, based on earning just that every year, would qualify in year six for a lifetime pension of $27,000 a year once they reach the age of 55. MPs can earn more money depending on their parliamentary and caucus work. The prime minister, for example, gets an extra $157,000 a year on top of his regular MP's salary. The Leader of the Official Opposition and cabinet ministers get an extra $75,000 or so on top of their base salary. Vice-chairs of parliamentary commitees get an extra $5,684 a year for that work. Parliament's Web site lists all the extra salaries that can be earned on top of a basic MP's salary.
According to the Canadian Taxpayers Federation, which has been a fierce critic of the MP pension plan, “An MP earns three per cent for each year of service times the average of the best five years of earnings. For even the most junior back bench MP, this means the plan pays out a pension (in 2010 dollars) of a minimum of $28,000 a year. For every dollar an MP contributes taxpayers contribute between $4.50 and $7. The plan is also indexed for life. Right now it is indexed at 3.3 per cent a year, which is two to three times the rate of inflation.”
The MP class of 2006 includes lots of cabinet members: Finance Minister Jim Flaherty, Government House Leader John Baird, Foreign Affairs Minister Lawrence Cannon, Industry Minister Tony Clement, and Intergovernmental Affairs Minister Josée Verner.
The class of 2006 also includes Liberal Leader Michael Ignatieff. (The three other party leaders long ago qualified for their MP pension).
There are now 54 MPs in the House of Commons who were first elected in the 2006 general election. They include nine Bloc Quebecois MPs and seven NDP MPs. Independent MP André Arthur is also part of the class of 2006.
One other interesting note: Should the federal election be held in October 2012 , as per our fixed election date schedule, then Liberal MP Glen Pearson will be a month shy of his six years of his service as he came to Parliament in a byelection held Nov. 27, 2006.
The Parliamentary Web site contains a list of all MPs based on their length of service.