moved for leave to introduce Bill C-312, an act to amend the Members of Parliament Retiring Allowances Act (money purchase pension).
Mr. Speaker, it is my pleasure to once again introduce an act to amend the Members of Parliament Retiring Allowances Act, money purchase pension.
This bill addresses many concerns in Canada about the cost of members of Parliament pensions. It follows up on Saskatchewan's lead in 1979 when the Saskatchewan legislature pension plan was changed from a defined benefit to a defined contribution or money purchase. It will save Canadians about $7 million or $8 million a year. It will also provide a fair pension system for members of Parliament.
This sort of plan has been endorsed by the National Assistance Coalition and the Canadian Taxpayers Federation. It will take effect as soon as the bill is passed.
(Motions deemed adopted, bill read the first time and printed.)