A watchdog group has launched a billboard campaign to demanding reform of federal MPs “gold-plated” pension plan.

The Canadian Taxpayers Federation has erected billboards up across the country, including here in Halifax, hoping to inspire taxpayers to text their support for change.  

Atlantic Director Kevin Lacey tells News 95.7 that in an era of belt-tightening in Ottawa, federal politicians need to look at their own perks.

“Our politicians are talking about cutbacks, and they love to do that and all the jobs and things they need to do to balance the budget,” he said. “They should also share in some of the pain, and that includes reforming these outrageous, outrageous pensions.”

Lacey says an average Canadian would have to save for a full 30 years to get what an MP receives in pension after just six.
 
Lacey says the plans are out of touch with the current market.  

“Right now the pension program, by law, pays 10 per cent interest on all the payments that they put into that plan,” he said. “Well, you’d be hard pressed to find an investment or a portfolio that earns 10 per cent a year in this current market but that’s certainly what the MPs thought they were entitled to.”

Taxpayers contribute 24 dollars for every one contributed by an MP. The federation wants that ratio reduced to 1:1.