Ministers set for ‘golden goodbye’

Ministers who lost their seats in the general election are set to receive a ‘golden goodbye’ with huge pensions, severance payments and termination lump sums.

Figures calculated by the Irish Examiner show the massive sums paid out to departing Fianna Fáil TDs which will cost the taxpayer some €2.25 million for one year.

The top pension and redundancy pay-off will go to Tánaiste Mary Coughlan, who is in line for a combined annual ministerial and TD’s pension of some €137,011 — plus a once-off lump-sum payment and a termination package of some €237,792.

Having lost her seat in Donegal South West, she will receive her TD’s pension of €49,932, plus a Tánaiste/Ministerial pension which amounts to €87,079 a year for the rest of her life.

On top of this, the 45-year-old will also get a once-off pension lump sum of €159,873, which is tax free. But she will not be able to claim these amounts until she reaches 50.

In the meantime, though, she will get a termination lump sum of €16,404 tax free, as well as termination payments totalling €61,515 over 12 months.

Mary Hanafin will also get a generous pension totalling €107,494 a year for 14 years as a TD and her combined 11 years as a senior and junior minister. Having lost her Dun Laoghaire seat, she will also get a total €189,830 in her termination package and a once-off pension payment.

Colleague Pat Carey is set to benefit from his combined annual ministerial and TD’s pension of €63,741 while his termination payments and a one-off pension sum will amount to another €189,830.

More junior-ranking members of the outgoing government can also look forward to comfortable years ahead with their severance packages.