Independent scrutiny for gold plated MP super

Pre-1992 MPs’ gold plated superannuation needs to be included in the recently announced overhaul of MPs’ expenses and entitlements, said the Green Party today.

MPs elected prior to 1992 have access to the parliamentary superannuation scheme established as part of the Government Superannuation Fund (GSF).

“It is great that the other parties have finally listened to our call for independent oversight of MPs’ expenses, as part of this there needs to be a review of the very generous superannuation provisions that pre-1992 MPs get,” said Green Party Co-leader Metiria Turei.   

The amount of superannuation received varies based on length of service and is percentage of salary at retirement. MPs with 24 years of service receive around 70% of their salary, whereas under the GSF most public servants would only receive around 30% of their salary for 24 years service.

Current MPs who are entitled to the pre-1992 package will receive around $90,000 a year when they retire.

“These superannuation provisions were set up by MPs without public scrutiny and it is time there was an independent review of whether they are justified.”

There are over 80 former MPs currently receiving the superannuation package and 13 MPs who will be entitled to receive it when they retire.

“The public have a right to know about the level of support that MPs are receiving as they are paying for it,” said Mrs Turei.

“An option that needs to be considered is moving the pre-92 MPs onto the current scheme for MPs.

“It is in the interests of honest politics that MPs’ superannuation is reviewed as part of an independent overhaul.”