Former Taoiseach Leo Varadkar is one of 13 TDs set to receive an exit payment of almost €90,000 after the general election.
New figures show that retiring TDs are set to cost the taxpayer at least €3.9 million in pensions and exit packages after the Dáil is dissolved.
Some 29 sitting TDs have confirmed that they won’t be standing for re-election – and their payments will be added to the nearly €4 million a year the Exchequer is already paying out to other former TDs.
An analysis by The Journal Investigates has found that the overall Oireachtas pensions pot will rise by around 20% next year and will increase even further as more exiting TDs reach retirement age in the coming years.
The value of a TD’s exit payments and pension package depends on the length of time they served in the Dáil – and whether or not they held ministerial positions.
Leinster House in DublinThe Journal Investigates report author Stephen McDermott told Newstalk what former Taoiseach Leo Varadkar will be entitled to.
“[He] is going to get around €48,000 worth of a TD’s pension and he will get around €78,000 a year on top of that as a Taoiseach’s pension,” he said.
“He is not one of those people who was elected before April 1st, 2004, so he won’t be able to draw that down until he reaches the age of 66.”
The former Taoiseach will also receive exit payments worth nearly €90,000 and - when he reaches retirement age - a retirement lump sum worth nearly €155,000.
Pensions
Nine of the current crop of TDs due to exit Leinster House are old enough to immediately qualify for their pension.
Another eight were first elected before 2004 and as a result will be entitled to their pension payments from age 50.
The remainder will have to wait until they reach the age of 66.
The five TDs in line for the largest pension payments (including lump sum payment) in their first year of retirement are:
- Simon Coveney: €294,134.40
- Richard Bruton: €283,120.80
- Brendan Howlin: €283,120.80
- Eamon Ó Cuív: €283,120.80
- Leo Varadkar: €271,383.91
Exit payments
TDs and senators are entitled to exit payments in additional to their pensions because they are considered to have less job security as they can lose their seats whenever an election is called.
The payments are intended to offer them financial support as they transition to new jobs.
They lose the payment if they switch to another Oireachtas membership position, become an MEP or are appointed by government to another full-time position.
TDs have to serve at least six months in the Dáil to be entitled to the payments.
The value of the payment depends on length of service in the Dáil.
The lump sums are spread out across the year after the election is called.
TDs also receive an up-front lump sum payment worth two months of their salary.
All Ireland’s outgoing TDs are entitled to exit payments of between €42,630 and €71,049 in the year after they leave Leinster House.
