What McDaid will get ...
Published 03/11/2010 | 05:00
FORMER minister Jim McDaid will enjoy a handsome pension package of €94,000 a year for the rest of his life and a lump sum payment of around €147,000.
And even though it was Mr McDaid who decided to go of his own volition, he will also scoop a severance package worth almost €60,000.
The Oireachtas Commission confirmed last night that Mr McDaid would be eligible to receive termination payments designed to help TDs who were suddenly out of a job after losing their seats.
He qualifies for the payments because the only grounds for the €16,000 "termination lump sum" are six months' service in the Dail and the only grounds for the monthly "termination payments" worth €43,000 are three years' service in the Dail.
The tax-free "termination lump sum" of around €16,000 is the equivalent of two months of Mr McDaid's salary as a TD.
Over the next 12 months he will also receive "termination payments" worth around €43,000, which are taxable.
The total value of the two payments combined is €59,464
Mr McDaid has 21 years' service in the Dail, which means that he exceeds the 20-year threshold required for a full pension.
His pension will be worth 50pc of his €98,424 salary -- or €49,212 per year. He will be paid this, along with his full ministerial pension of around €45,000 per year, when the monthly termination payments conclude in December next year.