Tony Abbott Will Have To Console Himself With A $300k-Per-Year Pension

For poor old Tony Abbott, the burn of being the least popular man in the nation / Canberra / his own bloody party has to be soothed slightly by the knowledge that at least he’ll be walking away from all this with a generous, taxpayer-funded retirement package.
Per reports overnight in Fairfax, Abbott, who has served as a cabinet minister, opposition leader and Prime Minister over his 21 years in parliament, will receive an annual pension of $307,542 a year.
That figure includes his base pension – 6.25% of the $195,130 base parliamentary salary, multiplied by years of service, capped at 75% – plus 6.25% of the salary he received in each additional job, multiplied by years of service.  
If he wishes, he’ll also be able to take a lump sum payment of $1.53 million, and the rest as an annual pension of $153,771. Though his current salary as Prime Minister is an annual $539,338, that whopping amount means he’s set for onions pretty much for life.

Former Prime Ministers tend to receive extra entitlements on top of their pensions to maintain offices and travel. If Abbott decides to get the hell out of parliament, Malcolm Turnbull will get to decide what extras he receives.

via Fairfax
Photo: Stefan Postles via Getty Images