Noonan set to get €2,000 a week pension

FINANCE Minister Michael Noonan, who is suffering a public backlash after imposing the controversial private pensions levy, will be able to pick up a pension of just under €2,000 every single week within two years.

Leading firm IFG Corporate Pensions said that under existing rules, any TD who serves a decade or more as a Government minister is automatically entitled to receive 60% of their existing salary as a pension every year.

As the current ministerial salary is €181,000, this equates to an annual defined benefit pension fund of €120,000 — which amounts to €10,000 every month. Anyone who meets this criteria will be handed €8,333 by the state every month. This equates to €1,923 in pension payments every week.