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OTTAWA, Ont. — Finance Minister Jim Flaherty says planned changes to the pension plan for members of Parliament won’t take effect until after the next election, noting it would not be fair to change the rules during the current term.

Flaherty says the changes will be detailed in a new budget bill introduced later today.

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The object, the finance minister says, is for members of parliament and public servants to contribute 50% of the cost of their pensions.

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Treasury Board President Tony Clement says changes to the MP pension plan will see them paying almost four times more in contributions.

He says MP contributions will jump to about $39,000 from the present level of about $11,000 and the bill would delay retirement age for a full pension to 65 from the present 55.

The changes, for a while at least, will create a two-tier system — with some existing MPs still being able to collect pension benefits at age 55. After the next election, all new MPs who qualify for the plan will have to wait until they are 65 before getting full pension benefits.