Taxpayers will pay up to $1 billion to fund the retirements of politicians under an axed parliamentary pension scheme auspol | ErykBagshaw
A wave of pre-election resignations on both sides of politics this year will see the public foot the bill for their post-politics lives, with the total amount expected to reach a peak of $59 million in 2033.
After the 2033 peak of $59 million, the scheme will start to tail off as former MPs and their spouses die. Departing Labor MP Kate Ellis, who joined Parliament after the 2004 election at the age of 26, will just miss out. Those elected before 2001 such as Mr Pyne, Ms Bishop and Mr Scullion are payable from the date of retirement. Mr Ciobo was elected in 2004.
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