Parliamentary Pensions

[Black Orchid]

This article is a bit lengthy but well worth a total read ...

How much will this year’s retirees really get?
Based on the above, here are my 2018/19 pension calculations for the high profile political retirees of 2019, plus a couple of extras calculations just for fun:

MP pension payouts (2018/19 amounts)
Politician Years served (18 max.) Pension from MP base salary Pension from additional roles Total pension 2018/19
Julie Bishop (will get) 18 $122,903 $90,089 $212,991
Christopher Pyne (will get) 18 $122,903 $50,393 $173,296
Steve Ciobo (will get) 17.51 $120,893 $37,044 $157,937
Wayne Swan (will get) 18 $122,903 $78,994 $201,897
Tony Abbott (would get) 18 $122,903 $172,817 $295,720
Mark Latham (gets) 10.98 $94,147 $10,624 $104,771

Remember, these amounts only relate to this financial year 2018/19. They rises in line with MPs’ salaries so will generally increase in July each year.

These payments begin on retirement, whatever the age – except for MPs who entered the scheme between the 2001 and 2004 federal elections when the scheme was beginning to wind down. They have to wait until at least 55 to start getting the money (Steve Ciobo falls into this category).

Because the “additional role” part of the pension is limited to 75 percent of the pensionable salary for the highest position served, the maximum pension available to any MP or senator is currently $321,719, which would be for a former prime minister with at least 18 years in Canberra and the majority of them in cabinet roles or above.

The current maximum pension for former cabinet ministers (with no time in higher roles) is $212,991, which is what Julie Bishop will soon be getting.

A 2018 report for the Department of Finance estimated the total current liability of the pre-2004 parliamentary pension scheme to be, get this, $912.9 million this year. Yep, almost a billion bucks.

The annual outlay for retired pension holders is currently $43.7 million, rising to $59.3 million in 2035 before slowly falling off as pension holders gradually die out.

According to the same report, Australian taxpayers will still be shelling out $24.5 million to the pensioners in the year 2057 – more than 50 years after the scheme was closed off to new entrants.

https://williamsummers.blog/2019/03/15/ ... -pensions/

The graph got a bit squashed up but its clearly set out in the link.

[Redneck]

Yep on the gravy train!

[billy the kid]

AND ALL POLITICAL PENSIONS ARE NON MEANS TESTED.....

[Black Orchid]

From the Minister for Social Services Ann Ruston today ...

Ms Ruston: I don’t think a debate about whether I could live on (the pension) or not is relevant. It is a generous amount of money that the Australian taxpayers make available to our older Australians.

Neil: The pension is generous?

Ms Ruston: The other thing that we also need to realise is…

Neil: I’m sorry, did you say the pension is generous?

Ms Ruston: In terms of the amount of money that taxpayers fund our social welfare system, we put a lot of money into it.

What a cretin this woman is.

[billy the kid]

Shit for brains.....

[brian ross]

From the Minister for Social Services Ann Ruston today ...

Ms Ruston: I don’t think a debate about whether I could live on (the pension) or not is relevant. It is a generous amount of money that the Australian taxpayers make available to our older Australians.

Neil: The pension is generous?

Ms Ruston: The other thing that we also need to realise is…

Neil: I’m sorry, did you say the pension is generous?

Ms Ruston: In terms of the amount of money that taxpayers fund our social welfare system, we put a lot of money into it.

What a cretin this woman is.

She is a Minister in a Tory Government. A Government that you applauded the victory of rather loudly, Black Orchid. This woman is a product of you and your fellow Tories.

[Bobby]

Politicians - the biggest dole bludgers in Australia.

[Black Orchid]

From the Minister for Social Services Ann Ruston today ...

Ms Ruston: I don’t think a debate about whether I could live on (the pension) or not is relevant. It is a generous amount of money that the Australian taxpayers make available to our older Australians.

Neil: The pension is generous?

Ms Ruston: The other thing that we also need to realise is…

Neil: I’m sorry, did you say the pension is generous?

Ms Ruston: In terms of the amount of money that taxpayers fund our social welfare system, we put a lot of money into it.

What a cretin this woman is.

She is a Minister in a Tory Government. A Government that you applauded the victory of rather loudly, Black Orchid. This woman is a product of you and your fellow Tories.

Shame I didn't vote for them eh?

[brian ross]

From the Minister for Social Services Ann Ruston today ...

Ms Ruston: I don’t think a debate about whether I could live on (the pension) or not is relevant. It is a generous amount of money that the Australian taxpayers make available to our older Australians.

Neil: The pension is generous?

Ms Ruston: The other thing that we also need to realise is…

Neil: I’m sorry, did you say the pension is generous?

Ms Ruston: In terms of the amount of money that taxpayers fund our social welfare system, we put a lot of money into it.

What a cretin this woman is.

She is a Minister in a Tory Government. A Government that you applauded the victory of rather loudly, Black Orchid. This woman is a product of you and your fellow Tories.

Shame I didn't vote for them eh?

Funny how you still applauded the loss of the ALP...

What a shame then that you wasted your vote. Little parties are powerless. How many seats in the House of Reps did the PHONies win again? Oh, thats right...none.

[Black Orchid]

From the Minister for Social Services Ann Ruston today ...

Ms Ruston: I don’t think a debate about whether I could live on (the pension) or not is relevant. It is a generous amount of money that the Australian taxpayers make available to our older Australians.

Neil: The pension is generous?

Ms Ruston: The other thing that we also need to realise is…

Neil: I’m sorry, did you say the pension is generous?

Ms Ruston: In terms of the amount of money that taxpayers fund our social welfare system, we put a lot of money into it.

What a cretin this woman is.

She is a Minister in a Tory Government. A Government that you applauded the victory of rather loudly, Black Orchid. This woman is a product of you and your fellow Tories.

Shame I didn't vote for them eh?

Funny how you still applauded the loss of the ALP...

What a shame then that you wasted your vote. Little parties are powerless. How many seats in the House of Reps did the PHONies win again? Oh, thats right...none.

I condemned the arrogance of the ALP assuming that they had the election in the bag with their mass of taxes and gender bender commissioners. They are out of touch with the people and apparently most Aussies thought so as well.

Don't even guess who I voted for Brian. You get it wrong every time. It's rusted ons like you who keep both majors stuck in their own poo.