Cost to taxpayers of politician super to jump $2m next year

MORE than $2 million will be added to the annual superannuation bill for former federal politicians after the next election.

Taxpayers already fork out more than $40 million a year to the controversial Parliamentary Contributory Superannuation Scheme, which is only available to politicians who were elected before the rules changed in 2004.

Now 22 senators and MPs have announced they will resign at the next election, with 16 of them qualifying for the program.

Most of the politicians - eight from Labor and eight from the Liberals - will be eligible for a minimum annual payment of $118,125, or three quarters of the current MP base salary.

In 2014, Warren Truss, who is retiring on between $150,000 and $200,000 per year for life, said older Australians were relying on the age pension because they were recklessly blowing their money on cruises and luxury items.

"Increasingly, the lifestyle and the savings for superannuation are being seen as an opportunity to enjoy a few cruises and the luxuries of life for a few years until it runs out and then people wish to fall back on the age pension," he said.

The former deputy prime minister will also qualify for 10 taxpayer-funded business class return flights a year.

Topics:  editors picks superannuation tax warren truss

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