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Labor MP Warren Snowdon among last politicians eligible for superannuation scheme scrapped in 2004

Retiring Labor MP Warren Snowdon says the pre-2004 super scheme was in line, historically, with other public service jobs of the era. (ABC News: Mark Moore)

The Territory's longest-serving politician leaves federal parliament still eligible for a superannuation scheme that will see him receive a pension of more than $135,000 each year for the rest of his life.

Labor MP Warren Snowdon is one of 18 serving parliamentarians who were signed up to the scheme before it was scrapped in 2004 to fall better in line with community expectations.

They are a small percentage of the more than 200 MPs and senators currently serving in parliament.

The so-called "retiring allowance" will see Mr Snowdon receive 75 per cent of his $185,000 per year salary annually and is comprised of his own super contributions and, eventually, taxpayer funds.

"[My eligibility for that scheme] was the case after my third election," said Mr Snowdon, who has announced he'll retire at the upcoming election after 32 years in parliament.

"But that's all gone now, so new politicians don't get access to a super scheme of that type.

"It's a defined benefit scheme, much the same as what existed historically in the public service, the defence force, for judges and for police."

Mr Snowdon said the super scheme was "incidental" to the course of his long career.

"It's not why I'm in parliament, why I'm in parliament is to represent the interests and advocate for the people of the Northern Territory, and the people of the Christmas and Cocos Islands.

"Not because of a super scheme – let me be very clear about it – that's just incidental."

The Commonwealth finance department did not reveal who else was still eligible for the scheme, citing privacy reasons.

Newer parliamentarians are not eligible for the retiring pension, with the department's website stating that the post-2004 schemes are more "in line with current community standards of superannuation".

The exact financial difference of the old pension scheme and the newer model is unknown.

Only 18 federal parliamentarians are still eligible for the allowance. (ABC News: Matt Roberts)

Just a handful of 'legacy people' left in scheme

Superannuation expert Helen Hodgson, a professor at Curtin Law School, said the scheme was scrapped in 2004 as it "didn't pass the pub test" in the era.

"The reforms in 2004 basically brought the scheme into line with what was expected of the community standards at that time," Professor Hodgson said.

"And it's just a handful of legacy people that are left on the old scheme."

Professor Hodgson was also a parliamentarian, serving for the Australian Democrats in the WA government between 1997 and 2001, where she was involved in lobbying for the scheme to be ditched.

She said given the older age of those parliamentarians left on the scheme now, and their large super contributions over multiple decades, there could be less burden forced on the taxpayer.

"In a defined benefit scheme, you're going to get that for the rest of your life no matter what is left in your fund, so if you live to 110, you'll come out in front," she said.

She said the "big stink" around the pre-2004 scheme was mainly because of younger MPs, who, if they lost their seats, would still be eligible for the pension for many decades.

Among the members still serving who were elected before 2004 are Liberal senator Eric Abetz, Labor senator Kim Carr and Liberal MP Kevin Andrews.

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