Abbott could miss PM's pension by days

  • 15/09/2015
Former Australian Prime Minister Tony Abbott (AAP)
Former Australian Prime Minister Tony Abbott (AAP)

By 3 News online staff

Tony Abbott may be tending to his wounds after being rolled, but the salt has been poured on with the possibility of missing out on his Prime Minister's pension by a few days.

Mr Abbott was ousted by Malcolm Turnbull in a Liberal Party leadership spill overnight by a vote of 54 to 44.

Under the current legislation, Prime Ministers need to serve for a minimum of two years to get the pension package and everything that goes with it, The Daily Telegraph reports.

Aside from the pension, there are a number of other bonuses such as allowances for staff and business-class flights.

Mr Abbott was sworn in as Prime Minister on September 18, 2013 meaning he could fall short of the qualifying mark by just four days.

However, in the event he retires from politics he would still likely be eligible for a payout.

The amount former Prime Ministers take home in entitlements depends on their length of service but is generally around 70 percent of their salary as part of their basic pension.

Whatever payout Mr Abbott gets will take into account his 20 years as an MP and his time as a minister in the John Howard government.

He will still qualify for $300,000 a year in pension for his two decades of service.

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