Three former Offaly TDs entitled to lump sums of over €500k

The three outgoing TDs in the Laois/Offaly constituency are expected to receive lump sum payments amounting to a total of over €530,000. This figure, which is an estimate based on guidelines supplied by the press offices of the Department of Finance and the Oireachtas, is separate from the annual pensions which the outgoing members of the Dáil will receive. It does not include any additional Ministerial severance payment to which former Taoiseach Brian Cowen and former Minister of State John Moloney might be entitled, as such sums could not be disclosed by the Department of Finance. Based on the available information, former Taoiseach Brian Cowen will have the largest lump sum entitlement, of approximately €237,792. This will be paid over time, and once it has been paid in full Mr Cowen will be entitled to an annual pension of approximately €164,526. Meanwhile John Moloney, who was TD from 1997 until this year, and who served as Minister for Equality, Disability and Mental Health, has a lump sum entitlement of an estimated €189,829, as well as an annual pension of €48,213. Olwyn Enright - who served as a Fine Gael TD from 2002 until this year - is expected to receive lump sum payments amounting to €110,312 and an annual pension of €20,038. However Ms Enright and other outgoing TDs who are under the age of 50 will not receive their full pension entitlement until they reach this age. The press office at the Department of the Oireachtas stated that former TDs' lump sum entitlements include a termination lump sum, a pension lump sum, and monthly termination payments. The termination lump sum "generally equates to about two months' salary at the time of leaving" and is non-taxable. The pension lump sum is about three times the annual value of the pension and is taxable. A maximum of twelve monthly termination payments, which are also taxable, are calculated based on the number of years served. Once these are paid, the annual pension payments commence.