Outgoing MPs will receive more than $116 million in pension and severance

In the wake of the federal election, the Canadian Taxpayers Federation is out with some shocking numbers.

It's been revealed about $115 million will be distributed to the 113 MPs who no longer hold their seats.

Colin Craig with the CTF says the severance packages some MPs are walking away with are absurd and Canadians need to know where their hard earned money is going.

"A lot of Canadians know that MPs have gold plated pensions and so every time an MP is defeated or they retire, we do the calculations to see who's going to receive how much from taxpayers," says Craig.

He adds according to CTF numbers it's estimated that there are five MPs that will receive more than $3 million each in severance payouts by age 80 and 17 former MPs will take home over a hundred thousand dollars annually.

The CTF is calling for change saying it's not right that politicians are walking away with severance packages that are way above that of anything members of the private sector could possible hope for.