MPs who retired this year receive enormous pensions

It’s been a shaky start to the year for parliament with 22 federal politicians announcing their imminent retirement.

While quitting your job can often be cause for detailed planning and worrying over finances, things are sure to be easier for these pollies who will receive at least $118,000 per year for their pension.

Many of the outgoing politicians will be paid even more than that with added bonuses like a Life Gold Pass, which entitles them to 10 taxpayer-funded business-class return flights a year.

This version of the pension is available to politicians who were elected before 2004 and costs taxpayers over $40 million each year.

There have been calls for the allowance to be cut to a reduced rate by some voters, but others argue it is a realistic reward for years of serving the country.

Former deputy prime minister Warren Truss and Coalition ministers Ian Macfarlane and Philip Ruddock will benefit the most from the scheme, grossing between $150,000 and $200,000 a year.

Former Labor politicians Anna Burke, Joe Ludwig, Laurie Ferguson, Alan Griffin, Bernie Ripoll and Jan McLucas will also take home an extra-large serving of the pension, with all five set to benefit from the scheme.

The revelations have outraged many pensioners around Australia who are struggling to meet the cost of living on their pension allowance.

A report released earlier this year found the current pension was not enough to cover costs for many seniors and recommended the government urgently look into rectifying the issue.

The government is yet to confirm whether or not it will review the pension in the next budget and election.

In the meantime, pensioners are expected to make do on what they are given.

What do you think about the politicians’ pension allowance? Do you think it is fair or should they be paid less?