April 1 (Bloomberg) -- BCE Inc. paid former Chief Executive Officer Michael Sabia about C$21 million ($16.6 million) last year before the company’s proposed sale to an investor group collapsed.

Sabia, who left BCE on July 11, received a C$729,167 salary, according to the company’s management information circular, filed with Canadian securities regulators today.

He also got an annual bonus of C$3.13 million, one-time “privatization transaction related payments” of C$1.25 million, and other compensation of C$14.6 million. That last payment includes C$9 million in severance, the filing shows.

BCE’s proposed C$52 billion sale to a group led by the Ontario Teachers’ Pension Plan collapsed on Dec. 11. Sabia, 55, became CEO of the Caisse de Depot et Placement du Quebec, Canada’s largest pension-fund manager, on March 13.

Sabia started receiving an annual pension of C$968,750 in September, the filing also shows. His pension, which represents 40 percent of his best consecutive 60 months of earnings, may rise by as much as 4 percent a year, the document says. The total value of Sabia’s accrued pension obligations is C$14.9 million, the company said today.

After accepting the job at the Caisse last month, Sabia agreed to give up his pension, two years of bonuses and any severance payments if he leaves.

BCE, based in Montreal, is Canada’s biggest phone company.

To contact the reporter on this story: Frederic Tomesco in New York at tomesco@bloomberg.net.

Last Updated: April 1, 2009 16:12 EDT