After four years I was given my premiums back, no employer share, no transferability, no portability and 4 per cent interest when the interest rate was 18 per cent. Would anyone else invest their contributions that way? I suggest not.
I have contributed to the federal MPs pension plan since 1984, 11 years. The Library of Parliament research office calculated the value of the premiums I have paid plus interest, based on the regular guaranteed investment certificate rate. I have contributed in interest and premiums, $136,988. That is what I have paid personally toward the plan, interest and premiums included.
Some members across the way were asking why all of this was not in an employer-employee plan, jointly contributed, a money purchase plan of sorts where both sides contribute the same amount. If that would have been the case with me I would now have $273,976. Just the interest on an amount of that size at 10 per cent would be $27,000 a year which I could draw right now. If I were defeated today as an MP I would get about $30,000
instead of $27,000. That is the gold plated pension plan those people across the way talk about.
They talk about these unfunded liabilities. These unfunded liabilities are based on assumptions of the nature that the money I contributed toward the plan bears no interest. Who has ever said that? Nobody. That is why they make these kinds of allegations but they need to be substantiated with some facts and some truth.
Yes, of course, Mr. Speaker, you could probably find someone's grandmother here and find an unfunded liability for their old age security cheque. If you revealed those numbers, someone who is 65 and expected to live until 85, 20 years times an OAS cheque, plus the supplement if they so qualify, that would make a huge amount too. Are the people across the way suggesting we cancel that?
If that were the only element of debate it would be awfully shallow. It is awfully shallow. I am not ashamed of the paycheque I get as an MP. I am not asking for more at all. I think I do an honest job of trying to serve the people who sent me here many years ago.