Retiring TDs To Cost Taxpayers €3.9 Million In Pensions And Exit Packages

Thursday, 31 October 2024 09:50

By Martin Osborne

Kildare North TD Catherine Murphy will get a lump sum worth €127,889, while her annual TD’s pension will be worth €42,630 a year.

New data reveals that retiring TDs are expected to cost taxpayers at least €3.9 million in pensions and exit packages once the Dáil is dissolved.

A total of 29 current TDs have announced they won’t seek re-election, adding their payments to the nearly €4 million the Exchequer currently spends annually on former TDs.

An investigation by The Journal Investigates has found that the total Oireachtas pension fund will increase by around 20% next year, with further growth anticipated as more retiring TDs reach eligibility in the coming years.

The value of each TD's exit and pension package depends on their length of service in the Dáil and any ministerial roles they held.

The five TDs in line for the largest pension payments (including lump sum payment) in their first year of retirement are:

Simon Coveney: €294,134.40
Richard Bruton: €283,120.80
Brendan Howlin: €283,120.80
Eamon Ó Cuív: €283,120.80
Leo Varadkar: €271,383.91

Kildare North TD Catherine Murphy will receive lesser amounts because she has only been a TD for 15 out of the 19 years, since 2005. Her estimated lump sum could be worth €127,889, while her annual TD’s pension will be worth €42,630 a year.

The Journal Investigates reports that of the 29 TDs planning not to run in the next election, 20 are under retirement age and will receive a pre-tax exit lump sum of €18,946.50 each when the Dáil is dissolved.

These TDs will also get monthly payments in the year following the election. For the first six months, they will receive €7,105 monthly, unless they qualify for early pension access.

After the initial six months, some will be eligible for a reduced payment of €4,737 per month for a set period based on their time in office.

Three TDs may receive this payment for an additional five months, while the remaining 13 could receive it for six months.