Peter MacKay exit allows him to collect full pension at 55. New pension rules for MPs means those elected after October must wait until age 65

By Jennifer Henderson, CBC News Posted: Jun 01, 2015 3:43 PM AT Last Updated: Jun 01, 2015 4:01 PM AT
By choosing not to reoffer in this year's federal election, Justice Minister Peter MacKay joins a growing list of Conservative MPs who will avoid the impact of pension changes that will triple the amount they must contribute and lock in the money for an extra 10 years. MacKay's decision, announced last week, means he will be able to collect his full yearly pension of $128,832 at age 55, instead of 65.Under new pension rules for MPs passed in 2013, all politicians elected after the next election must wait until age 65 before they can draw a pension. In MacKay's case, those 10 years represent almost $1.3 million.His current salary as an MP — $167,400 — combined with his $80,100 top-up as a cabinet minister totals $247,500 annually. MacKay was first elected to Ottawa in 1997 as MP for Pictou County and has been a cabinet minister since 2006. He told reporters in Stellarton last week that he's not reoffering in the next election so he can spend more time with his wife Nazanin Afshin-Jam, their son Kian and their second child, due in the fall. MacKay is the latest in a list of more than 30 Conservative MPs who have said they are not planning to reoffer. That includes a handful of sitting or former cabinet ministers under age 50, including John Baird, Shelley Glover and Christian Paradis.(more)