Former Conservative cabinet minister Bev Oda banks triple her contribution to pension fund
A sizeable pension package awaits former cabinet minister Bev Oda, which kicked in as of today.
The Canadian Taxpayers Federation (CTF), which calls itself a "citizen's advocacy group for lower taxes, less waste and accountable government", calculated that the 67-year-old former minister for international cooperation can collect a parliamentary pension of $52,183 a year.
As an MP, she earned $233,247 a year. The CTF noted that Oda chipped in $16,327 from her salary, or seven per cent, to the MP pension plan last year, and calculated her total contribution over eight years as roughly $120,000. Based on this calculation, she will get $417,464 in pension benefits over the next eight years-- more than triple her original total contribution to the fund.
Oda resigned after eight years as a Conservative MP amidst ridicule and resentment for her misuse of tax dollars on unncessary expenses during her tenure as minister for international cooperation. Some included: $1,000 per day limosuine rides, stays at an upscale London hotel, and most infamously, a $16 glass of orange juice.
Oda also came under heavy criticism over the "not" document scandal in February 2011, in which she admitted to adding a "not" to a Canadian International Development Agency (CIDA) document which reversed funding to a Christian aid group.
According to the CTF, MPs charge taxpayers an annual 10.4 per cent interest, in addition to “employer pension contributions,” bringing the total taxpayer contribution in 2010-11 to $24 for every dollar paid by MPs into their own pension plan. In total, MPs put $4.5 million into their pension plan in 2011, while taxpayers put $110.7 million.