Noel Dempsey to walk away with massive €300k payout

Minister for Transport Noel Dempsey stands to benefit from a payoff worth more than €300,000 when he steps down as a TD early next year.

The Fianna Fáil minister, who announced on Friday that he would not contest the next General Election, will receive a massive windfall when he leaves the Dáil.

He will receive a lump sum of  €17,763, equivalent to two months' pay upon retirement, but that pales into insignificance when compared to the €159,873 severance pay that's worth, equivalent to one and a half years of a TD's salary.

But it doesn't stop there. He'll also get a TD's pension of €66,000 in the first year, then €53,000 per year after that.

Because he was a minister, he'll get a step-down payment in the first six months, followed by an annual ministerial pension of €75,000 after that.

After all of the initial payments have been made, it means that the lucky fella will get an annual pension worth €128,000 for the rest of his life.

Dempsey is the second government minister to announce that he'll be quitting the Dáil next year in recent times. Earlier this month Dermot Ahern told of his intention to quit politics at the next election.