The proposal would terminate the Parliamentary Contributory Superannuation Scheme (the Scheme) and associated pension benefits for all eligible beneficiary recipients from 1 July 2019.

• The Scheme’s members who have not yet retired from Parliament would be provided with the sum of their total contributions, adjusted to reflect superannuation earnings while those contributions were invested in the Scheme, in the first year of the proposal.
• Persons who are currently receiving a pension from the Scheme would be entitled to the sum of the total contributions, adjusted to reflect superannuation earnings while those contributions were invested in the Scheme, less the total pension amount paid out prior to the commencement of this proposal.

The Prime Minister’s scheme would continue.