This is the pension calculation formula ...so VB will still be getting more than $1 million when he retires. Life is good if you are a PAP politician!
Pensions
At present, persons who have reached the age of 50 years and retired as MPs and who have served in this capacity for not less than nine years may be granted a pension for the rest of their lives. The annual amount payable is 1⁄30 of the person's highest annual salary for every completed year of service and 1⁄360 for every uncompleted year, up to a ceiling of two-thirds of the Member's annual salary.In addition, a retired MP who is at least 50 years old and has for not less than eight years held the office of Prime Minister, Deputy Prime Minister, Senior Minister or Minister may receive an additional pension each year of 1⁄27 of his or her highest annual salary for each completed year of service and 1⁄324 for each uncompleted year, subject again to a ceiling of two-thirds of the office-holder's annual salary. Members who have reached the age of 55 years and have served not less than eight years as Ministers may be granted a pension even if they have not yet ceased to hold office. No person has an absolute right to compensation for past services or to any pension or gratuity, and the President may reduce or withhold pensions and gratuities upon an MP's conviction for corruption.[86]
The Committee to Review Ministerial Salaries recommended that pensions for political appointment holders be abolished in favour of Central Provident Fund payments. Appointment holders appointed on and after 21 May 2011 will not receive any pension, while those appointed before that date will only be eligible for pensions accrued up to that date. Such pensions will be paid after they step down or retire from office. If the removal of pensions is taken into account, the Prime Minister's annual salary will be reduced from the 2010 figure by 36%, and that of MR4-grade ministers by 37%.
