SUPERANNUATION:
MPs who entered Parliament before the 2004 election are required to pay 11.5 per cent of their salary into superannuation for up to 18 years and pay 5.75 per cent of their salary thereafter. On retirement they benefit from a generous nest egg based on their years of service. They can receive a lump sum or annual pension. Those who became MPs after the 2001 election must wait until age 55 to get the money.
MPs who were elected from the 2004 election onwards have a less generous scheme. The Government contributes 15.4 per cent of their gross salary into a super fund elected by the MP. Their super payout is based on the performance of the fund in the same way as most workers. Salary sacrifice is allowed.
