West Vancouver-Sunshine Coast-Sea to Sky Country MP Pamela Goldsmith-Jones may be walking away from federal politics after choosing not to run in the recent election, but she won’t be leaving the political arena empty handed.
Goldsmith-Jones will leave with a severance payment of approximately $98,000 after four years as an MP, the Canadian Taxpayers’ Federation has reported.
Goldsmith-Jones is one of 94 MPs across the country who either did not run for re-election or were defeated on election night Oct. 21.
Severance packages are given to MPs who either served less than six years in office or who left office after six years but are under 55.
MPs with more than six years of service receive a pension at age 55.
Collectively, outgoing MPs who are leaving their elected positions in 2019 will collect about $3 million in annual pension payments, reaching a total of $104 million by the time they reach age 90, and $5.8 million in severance, according to the taxpayers’ group.
“Losing an election can be tough, but most MPs will have a soft financial landing,” said Aaron Wudrick, federal director of the Canadian Taxpayers’ Federation in a press release. “The good news is that thanks to pension reforms, taxpayers will not have to shoulder as much of the burden as they used to.”
Following the last election in 2015, the taxpayers’ federation estimated defeated North Vancouver MP Andrew Saxton would receive a severance payment of $92,000 after seven years in office and would be eligible for an annual pension of $36,900 at 55. They calculated that former West Vancouver-Sunshine Coast-Sea to Sky Country MP John Weston, who was also defeated after seven years in office, would be eligible for an annual pension of $33,600.