THE TWO cabinet ministers and 14 TDs who will not contest the next election will be paid €3.8m in the first year after their retirements, or an average of €237,327.
Cabinet ministers Dermot Ahern and Noel Dempsey are among a growing number of Fianna Fáil TDs who have signalled their intentions not to seek re-election.
Carlow/Kilkenny TD MJ Nolan, Cavan/Monaghan TD Rory O'Hanlon, Tom Kitt from Dublin South, Sean Ardagh from Dublin South-Central, and Mayo's Beverley Flynn are all retiring. Donegal North-East TD Dr Jim McDaid has already left the Dáil.
The retirements have not been confined to Fianna Fáil, with Labour's Dublin South- Central TD Mary Upton, Wicklow TD Liz McManus and veteran Galway West TD and likely presidential candidate Michael D Higgins all retiring at the end of the current Dáil term.
In Fine Gael, Cavan/Monaghan TD Seymour Crawford, Cork South-West TD PJ Sheehan, Laois/Offaly TD Olwyn Enright, and Galway East TD Paul Connaughton are all standing down, as is independent TD for Kerry South Jackie Healy-Rae.
Under the generous pension system, all retiring TDs and ministers receive a termination allowance which is equivalent to two months' salary. For TDs, this is worth €16,404 immediately on retirement. They also receive an additional €36,906 over the following six months in a sliding scale of their salary.
After the six months has elapsed, they receive between €20,000 and €32,000 (based on their service) until their termination payment runs out. When the termination payments have finished, the retired TDs receive a tax-free pension lump sum of €147,636.
This means each retiring TD is in line for a payout in the region of €225,946.
Given that 14 TDs have already declared their intentions to resign, the approximate combined cost to the exchequer will be €3,163,244. Adding in the ministers' windfalls, the total comes to €3,797,244.
Justice minister Dermot Ahern will be paid €318,000 in the first year after his retirement. This is comprised of a pension of €140,861, an initial tax-free sum of €177,636 and an annual pension worth €128,291 for the rest of his life.
Similarly, Noel Dempsey stands to receive payments of over €316,000, which include a tax-free pension lump sum of €159,000, initial termination payments of €56,900 over the first six months, €29,500 over the second six months and €70,730 in graduated ministerial payments. After the first year, he will receive a combined TD and ministerial pension of around €134,000.
As there is seemingly not alot one can do about these obscene payments,they should be made feel like social outcasts in their"retirment".they should be rebuked at every oppertunity.I would hate to have to suffer the consequences of my actions should I bump into one of them down my local!