Here in Alberta, taxpayers are on the hook for some shiny golden handshakes with our departing federal MPs. For the eight Alberta MPs retiring from federal politics come the election, taxpayers will pay nearly $22.6 million in lifetime pensions, and $684,250 in one-time severance payments.

Thankfully, there are some very positive changes coming to MP pensions on January 1st. Up until then, taxpayers have been kicking in $23 for every $1 MPs pay to their pensions. After January 1st, taxpayers will pay $1.60 for every $1 MPs contribute. MP pensions will still be generous, but politicians will be kicking in a fairer share.

But on severance, is it reasonable that people who are planning to retire are getting a severance payment? This just doesn't translate to the private sector. Many MP retirement announcements are made months in advance. It begs the question, does it make sense for taxpayers to fund these golden handshakes on MPs' way out of office?

Here are our calculations for what we're paying Alberta's outgoing MPs in severance and pensions:

Diane Ablonczy (Calgary-Nose Hill)
Severance: $83,700
Pension (yearly): $129,600
Pension (lifetime): $3,161,522

Rob Anders (Calgary West)
Severance: $86,650
Pension (yearly): $104,342
Pension (lifetime): $4,698,967 

Leon Benoit (Vegreville-Wainwright)
Severance: $89,550
Pension (yearly): $121,446
Pension (lifetime): $3,909,871

Peter Goldring (Edmonton East)
Severance: $83,700
Pension (yearly): $94,322
Pension (lifetime): $2,600,000 

Laurie Hawn (Edmonton Centre)
Severance: $83,700
Pension (yearly): $49,299
Pension (lifetime): $1,351,795 

LaVar Payne (Medicine Hat)
Severance: $83,700
Pension (yearly): $33,588
Pension (lifetime): $819,534 

Jame Rajotte (Edmonton-Leduc)
Severance: $89,550
Pension (yearly): $74,117
Pension (lifetime): $3,718,913

Brian Storseth (Westlock-St.Paul)
Severance: $83,700
Pension (yearly): $46,632
Pension (lifetime): $2,339,101 

Total lifetime pensions: 22,599,703

Total this-year severance: $684,250

*Not including MPs who will be defeated in the 2015 election
*Severance based on roughly half of the salary MPs are earning at that time. Salary of a backbench MP is about $160,000.
*This is the 'old' pension formula, changing January 1, 2016.
*Assuming 90 year lifespan

This was the topic of an interview with 660 News Calgary.