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Tuesday 12 November 2019

Ministers in the money

Ministerial pensions are calculated as a percentage of their uncut 2008 salary, based on years of service. Ministers in office for two years are entitled to a pension of 20 per cent of their salary; three years will yield a pension worth 25 per cent of salary and so on. Pensions are capped at 10 years, or a maximum of 60 per cent of ministerial salary.

  • Where a minister has served as a minister of state before becoming a minister -- as did Pat Carey, Mary Hanafin and Dick Roche -- they are paid a pension based on the average salary over their combined years as minister and junior minister.
  • Severance pay for junior and senior ministers is based on time in office. Those who serve two years or more are entitled to the equivalent of a year's salary at current rates, paid over two years. That means a full minister can get a maximum of €98,745 in severance pay, while a junior minister can get a maximum of €46,594.
  • Ministers in office less than two years are entitled to severance based on 75 per cent of their salary for the first six months and 50 per cent for their remaining months in office.
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