"The bill has a considerable impact on the pensions of MPs and Senators as well. Under the current system, Prime Minister Chrétien would have received a pension of about $96,000 a year. Under the new system, the Prime Minister will receive a pension of about $140,000 a year. MPs‘ pensions will also increase – to about $31,500 a year after 8 years of service"
Stephen Harper:"Stephen Harper tightened his own belt this week, voluntarily — and quietly — accepting a pension cut that will likely cost him more than a million dollars.
The prime minister doesn’t need our sympathy. He’ll still have a very comfortable pension, but he deserves credit for showing leadership and finally scraping some of the gold off of MPs’ gilded pension plan. MPs passed a bill on Friday that will see all of them start to pay more for their own retirements, ending a system where they paid just $11,000 a year and could look forward to an average pension of $54,693 a year beginning at age 55".
It's also worth noting, even though not one journalist nor media source I've seen has mentioned it, is by giving himself that 42% pay increase Chretien's pension also increased by $44,000 per year. By voting himself that raise, Chretien has already collected roughly $352,000 more just in the increase in his pension.