Former Tasmanian Liberal Senator Eric Abetz may have lost his seat at the recent election but there is some comfort in the $231,000 a year pension he will receive.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Mr Abetz, 64, served for 28 years after first coming into Parliament to fill a casual vacancy in 1994.
Under a generous scheme for politicians elected before 2004, under the Parliamentary Contributory Superannuation Act 1948, Mr Abetz will receive about 75 per cent of a backbencher's base salary and loading for the vast number of roles he fulfilled.
To keep up with inflation Mr Abetz's pension will rise whenever federal politicians' pay rises. Mr Abetz was closely aligned with former prime ministers John Howard and Tony Abbott during his career and their appointments to positions helped his final figure.
The most lucrative contribution ($31,168) towards his pension was the five years he spent in the role of special minister of state under Mr Howard from 2001 to 2006.
He was also rewarded for his role as deputy leader and leader of the opposition in the Senate between 2007 and 2013 after the victories of Rudd government in 2007 and the Gillard government in 2010. The period as leader of government in the Senate in the Abbott government from 2013 until the ascension of Malcolm Turnbull on September 21, 2015, contributed ($19,071) to his pension.
He lost his position as employment minister when Mr Turnbull became prime minister and he filled the role of committee chair for Department of Foreign Affairs legislation from 2019 to 2022 under Scott Morrison.
"My dismissal by Mr Turnbull from the ministry was not considered by any credible commentator as being justified. Nevertheless, after my dismissal I didn't cash in as I could've," he said.
"Each year I stayed as a backbencher my potential payments were diminished meaning my motivation to remain as a Senator was only to continue to serve."
Mr Abetz declined to comment on the amount of his pension, but conceded "the scheme does pay generously".
The pension payment was calculated by William Summers, a journalist with a special interest in parliamentary pension schemes.
Mr Abetz said that entering the Senate resulted in a pay cut when compared with his job as a Hobart lawyer.
He led the Tasmanian Senate ticket for the Liberal Party in elections in 1998, 2004, 2010 and 2016.
After being relegated to the number three position on the Liberal ticket for the 2022 election he ran a campaign encouraging voters to vote number 1 for him below the line on the Senate paper.
However, unlike Labor Senator Lisa Singh's successful campaign in 2016 which yielded 20,741 personal votes, Mr Abetz fell short with 15,414 votes.
Mr Abetz said he still has petrol in the tank.
"My work ethic and involvement in all things Tasmanian and dealing with the national issues on a consistent basis showed I was still firing on all cylinders," he said.
He said he is considering options and offers and suggestions.
"[I have] already accepted a board appointment on a not for profit and a bit of pro bono work for a couple of groups," he said.
Mr Abetz communicated as he was leaving on a 14-day trip to India as patron of the India-Australia Strategic Alliance.
Mr Abetz's pension ranks alongside a number of recent political departures including Mr Abbott receiving $280,343, former foreign minister Julie Bishop $224,657 and former Labor treasurer Wayne Swan $188,848.
Our journalists work hard to provide local, up-to-date news to the community. This is how you can continue to access our trusted content:
- Bookmark www.examiner.com.au
- Make sure you are signed up for our breaking and regular headlines newsletters
- Follow us on Twitter: @examineronline
- Follow us on Instagram: @examineronline
- Follow us on Google News: The Examiner