RETIRING member for Benambra Tony Plowman will be eligible for an $877,000 taxpayer-funded pension when he leaves state politics after 15 years on midnight on November 24.
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The entitlement is 10 times more than what the average Australian on a $45,000 wage would accumulate in superannuation after working for 15 years.
Mr Plowman, 67, who earns about $100,000 per year, said he believed the payout was adequate but that the public was entitled to think otherwise.
“I came into this job not thinking about remuneration or pension,” he said.
“Anyone that knows me knows that I’ve put my heart and soul into this job.
“No matter what you think of politicians everyone that I know in the political field works hard.”
According to superannuation projections, the pension is still more than 4½ times what a non-politician earning $100,000 a year would receive in superannuation after 15 years.
The $877,000 has been calculated using Mr Plowman’s final salary, his years of service and life expectancy according to the average life expectancy of 79 years for men.
Mr Plowman can choose to accept the pension or an undisclosed cash payout.
Yesterday, he refused to tell The Border Mail which option he would chose but said that they each added up to roughly the same amount.
“Every member is different and it’s a private decision,” Mr Plowman said.
“I don’t think that’s an issue for public information.”
When asked about life after Parliament Mr Plowman said he hadn’t actively been seeking work but would like to continue his involvement in the water industry.
