I did the equation up there based on the pre-2016 calculation only (which is more generous, so I did it as if his 20 years of service were pre-2016) and using his lifetime highest salary (which is the one he had right before the election was launched) and as it’s clearly mentioned it cannot go over 75% of the average of the 5 best years as an MP so even at his current salary of 300k and with enough years of service to reach the point where it would give him 240k/year, it would be capped at 225k/year.
CBC News asked an accounting professor with pension expertise to estimate the value of all five major party leaders’ pensions. Four other experts, including an actuary, reviewed his findings.
There were five experts, the one I mentioned and four others reviewed him.
There’s a big difference between the value of their funds and how much they’re actually entitled to. The value of what they put in doesn’t influence how much they get (contrary to most pension funds), their best 5 years determines what they get and there’s a cap that’s based on the salary they had during those 5 years, that’s it.
I did the equation up there based on the pre-2016 calculation only (which is more generous, so I did it as if his 20 years of service were pre-2016) and using his lifetime highest salary (which is the one he had right before the election was launched) and as it’s clearly mentioned it cannot go over 75% of the average of the 5 best years as an MP so even at his current salary of 300k and with enough years of service to reach the point where it would give him 240k/year, it would be capped at 225k/year.
There were five experts, the one I mentioned and four others reviewed him.
There’s a big difference between the value of their funds and how much they’re actually entitled to. The value of what they put in doesn’t influence how much they get (contrary to most pension funds), their best 5 years determines what they get and there’s a cap that’s based on the salary they had during those 5 years, that’s it.