Information on the superannuation entitlements of Politicians can be found here
The Parliamentary Contribution Superannuation Act 1948
provides benefits to all persons who entered Parliament prior to closure of the scheme to new members from 9 October 2004.
The PCSS has five trustees:
- the Minister for Finance and Deregulation
- Senator the Hon I Macdonald
- Senator G Marshall
- The Hon J Fitzgibbon MP
- The Hon A Somlyay MP
On retirement from Parliament, a member is entitled to a pension if:
- (a) 12 or more years service has been completed; or
- (b) the member has on four occasions, ceased to be a member on the dissolution or expiration of the House of which he or she was then a member or on the expiration of a term of office;
- (c) retirement is involuntary and the member has completed no less that eight years of service on three occasions, ceased to be a member on the dissolution or expiration of the House of which he or she was then a member or on the expiration of a term of office;
There is also an option to convert up to 50% of the pension to a lump sum. Th lump sum is calculated by multiplying the annual amount of the pension by a factor of 10 if the member is aged 65 or less.
Some members are not allowed to receive their pensions before the age of 55. Members who joined Parliament on or after 10 November 2001 have to wait until they attain the age of 55. There is no age limit to when the pension commences to Members who joined Parliament before 10 November 2001.