$850,000 pay day

DUMPED backbencher Brenton Best will leave State Parliament with a fat payout as one of the last to benefit from a generous superannuation scheme.

An $850,000 cheque will soften the blow of narrowly losing his seat in Braddon at last month's election.

Mr Best was elected to Parliament in 1996, three years before the generous retiring benefits fund for MPs was axed.

The 50-year-old's lump sum is on the lower end for a long-serving Tasmanian politician given he spent the majority of his time on the minimum salary, failing to earn a ministerial appointment in his five terms in government.

Mr Best will not be allowed to access his money until he turns 55.

After his election defeat was sealed last week, Mr Best said he would take some time out to consider his next career move. 

Veteran speaker Michael Polley retired at the last election on a $100,000-a-year pension or a $1.3 million one-off payment. 

That leaves only Liberal MHAs Rene Hidding and Paul Harriss, who were elected to Parliament before 1999, as eligible for the large bonus.

Former Labor minister David Llewellyn received a near record $1.24 million bonus when he lost his seat in 2010. 

Mr Llewellyn was re-elected at the election, but cannot rejoin the generous scheme.

The Public Sector Superannuation Reform Act of 1999 changed the rules of parliamentary payouts.

Now, parliamentarians get a standard 9 per cent employer-contributed superannuation plus any extra, personal payments which they cannot access until they turn 55. 

That means former senior ministers David O'Byrne and Brian Wightman get no extra compensation for losing the seats they held for just four years.

Smartphone
Tablet - Narrow
Tablet - Wide
Desktop