moved for leave to introduce Bill C-270, an act to amend the Members of Parliament Retiring Allowances Act (money purchase pension).
Madam Speaker, it is my pleasure today to introduce a private member's bill entitled an act to amend the Members of Parliament Retiring Allowances Act (money purchase pension).
The bill if passed will significantly change the MPs pension plan. It is designed to reduce the burden significantly taken on by taxpayers under the current member of Parliament pension plan.
Currently members of Parliament contribute $1 for $7 of taxpayers' money to the existing plan. This new plan is $1 for $1, taxpayer by member. It will reduce the cost to taxpayers of the pension plan for members of Parliament by approximately $11.7 million per year.
This is a plan that is endorsed by the Saskatchewan Taxpayers Association, the Canadian Taxpayers Association and the Canadian Federation of Independent Business. It is a plan that is modelled after the Saskatchewan MLAs plan which has been in place for over 15 years and works very well for both taxpayers and members.
It will end unfunded future liabilities of MPs pensions. It will also reduce overall pension payout and set a higher age limit for qualifying for a pension.
I hope to gain support from all sides of the House on this very important bill.
(Motions deemed adopted, bill read the first time and printed.)