Painting a pension picture for defeated Newfoundland MPs

The three incumbent Newfoundland and Labrador MPs who went down to defeat in Monday's election face varying circumstances when it comes to theirfederalpension entitlements.

• 'There's lots of regrets': Scott Andrews says his political career is over
• Seamus O'Regan upsets Ryan Cleary for Liberal win in St. John's South-Mount Pearl
• Jack Harris 'surprised' after being ousted by Nick Whalen in St. John's East
• Peter MacKay exit allows him to collect full pension at 55

New Democrat Jack Harris, who lost a close race in St. John's East, turns 67 later this month andwill begin receiving a pension immediately.

The annual sum? Roughly $35,000.

That's on top of a provincial pension he earned while serving as a Member of the House of Assembly from 1990 to 2006. All but two of those years were as leader of the provincial New Democrats.

Independent Scott Andrews, who finished a distant second in Avalon,is eligible to receive a similar pension, butwill have to wait another 14 years.

Andrews is just 41, and won't be entitled to receive a pension until heturns 55 years-of-age.

Both Harris and Andrewswere elected in 2008, putting them just above the thresholdof six years service required to qualify for a pension.

Cleary, however, has just four years service as an MP, having been elected to represent the NDP in St. John's South-Mount Pearl in 2011, and does not qualify.

Clearylost to Liberal challenger Seamus O'Regan.

A formula for MP pensions

So how is the pension amount determined?

According to the Office of the Speaker in the House of Commons, it breaks down like this.

A pension amount is based on an MPs average annual salary over the five highest paid consecutive years ofservice.

This figure is multiplied by their total number of years of pensionable service, and by an accrual rate of about three percent.

The base salary for an MP in 2015 is $167,400, plus additional salary of anywhere from $6,000 to $80,000 for additional duties, including a cabinet minister.

So for a typical MP earning the base salary, and with the minimum service of six years, they would receive an annual pension of just over $30,000.

Harris and Andrews both have seven years of pensionable service.

However, a long-serving MPwho served in cabinet can be entitled to a pension of more than $100,000 per year.

Neither Harris nor Cleary could be reached for comment on Tuesday, while Andrews told CBC News,"I'm not interested in participating in such a piece."

Meanwhile, Andrews and Cleary are not walking away empty-handed.

They will both receive a severance allowance of more than $80,000, representing 50 per centof their MPsalary.

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And since he does not qualify for a pension, Clearywill also receive a withdrawal allowance, which is a lump sum payment comprised of Cleary's total retirement contributions, plus interest.