Hook

Any federal politician elected before October 2004 with 8+ years of service draws a defined-benefit pension worth up to 75% of their final salary, indexed for life. This page projects the lifetime taxpayer cost.

Key Numbers

• PCSS (pre-9 Oct 2004): up to 75% of final salary, indexed, payable from age 55
• PSSAP (post-2004): 15.4% employer contribution, no lifetime guarantee
• Vesting: 8 years of service (~2 terms)
• Life expectancy at 65: ~21 years (ABS)

Context

The Parliamentary Contributory Superannuation Scheme (PCSS) was closed to new members on 9 October 2004, but every member who was already in at that date remains in it. This dashboard projects the lifetime taxpayer cost of each drawing or vested member using a simplified accrual formula: annual pension ≈ final salary × min(75%, 50% + 2.5% per year beyond 8). Exact entitlements are administered by the Department of Finance.

Post-2004 politicians are in an ordinary accumulation scheme with a 15.4% employer contribution — better than a median public servant but not the gold-plated PCSS.

Takeaway

A politician who serves two terms before 2004 and retires at 55 can draw an indexed six-figure pension for 30+ years while also holding paid post-parliamentary directorships. This is legal and, for members already in the scheme, was not touched by the 2004 reform.

Share Stat

Roughly every PCSS member who retires at 55 after two terms draws more from the taxpayer in retirement than most Australians earn over an entire working life.

Last reviewed: 2026-04-11

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