THE former EU Commissioner Charlie McCreevy will take home in excess of €245,000 annually in the first three years of his retirement, significantly more than the Taoiseach's salary.

The former finance minister already has a combined Dáil and ministerial pension of more than €125,000 and that will now be bolstered by an array of allowances from his time at the EU Commission, effectively meaning he could earn more than Brian Cowen for doing nothing.

McCreevy will get a €378,288 golden handshake from his former job, according to figures provided by the group Open Europe.

The golden handshake will take the form of a resettlement allowance of €19,909 and a transitional allowance of €358,378 – or the equivalent of €119,459 a year between now and 2012.

That would leave McCreevy with take-home pay of €246,675 for the next three years, including his Dáil and ministerial pension. By comparison, the Taoiseach's salary has fallen to €228,466 following the latest cuts.

On turning 65, in five years' time, McCreevy will also be entitled to a European pension for life of €51,068 a year, according to the figures. By that stage, his annual income will be close to €175,000, the Sunday Tribune has learned.

The generous benefits should prove useful in paying back the €1.6m loan fast-tracked for him by the Irish Nationwide chief executive Michael Fingleton.

McCreevy already benefits from a healthy ministerial pension of €75,003 and a further €52,213 in a pension as a former TD. In total, the former commissioner's retirement package from the EU is estimated to be €852,851, based on the average life expectancy of 81.7 years.

For his five years' service with the EU Commission, McCreevy will have earned a total of €2,641,343, according to Open Europe.

His salary while in Brussels was €238,919, with a further €35,837 for an annual residence allowance and €7,284 in an entertainment allowance.

A spokesman for the EU Commission confirmed the generous golden handshake and entitlements, which are made available to all former commissioners.

He said: "Upon leaving office, commissioners are entitled to a resettlement allowance of one month's salary – so €20,000, roughly.

"If, during the three-year period, the former commissioner takes up gainful activity, the amount by which his gross monthly remuneration together with the allowance exceeds the remuneration which he was receiving as a member of the Commission shall be deducted.

"If Mr McCreevy doesn't take a new [paid] job, then the allowance would be 55% of the final salary: roughly €11,150 monthly.