Both George Yeo, 57, and Lim Hwee Hua, 52, have announced their "retirement from politics". Since both are below the oft quoted retirement age of 62 for lesser mortals, the question arises if both of them are eligible for "retirement benefits".
The Parliamentary Pensions Act (Chapter 219) provides for the grant of pensions and gratuities in respect of service as Members of Parliament and as holders of ministerial and other offices a.k.a. "office-holders".
The pensions in respect of office holders (which covers "Prime Minister, Deputy Prime Minister, Speaker, Senior Minister, Minister, Senior Minister of State, Minister of State, Mayor, Senior Parliamentary Secretary, Parliamentary Secretary or Political Secretary") is spelled out in Section 4. A office holder may be granted a pension if he ceases at any time to hold office and has -
(a) not less then 8 years' service
(b) attained the age of 50 years
The annual amount of pension payable to an office-holder shall be one-twenty-seventh (1/27) of his annual salary in that office for every completed year of service in any office, subject to a maximum of two-thirds (18/27) of the highest annual salary of any office.
The pension granted under this section shall continue for the life of the person or until he is again an office-holder.
George Yeo has 23 years of service, office holder since 1988. Lim Hwee Hua has 15(?) years of service, office holder since 2004, when she was appointed Minister of State for Finance and Transport. Yeo is definitely "in the money" as he meets the 8 year requirement. Since his highest annual salary was drawn as a 2 million dollar minister, he is set for life. Lim was appointed minister of state on 12 August 2004, so the computation for her gratuities may fall under Section 3, "Pensions in respect of service as Member". That may be incentive to change her mind and run for office again in 2016. Unless she's satisfied with the Section 6 provisions which count her less than 8 years service in office as additional pension for Member's service.
All this money talk may have piqued you to wonder about the "old timers". Section 5 of the Act caters for those serving officer-holders who have attained 55 years of age. Provided the office holder has not drawn a pension under Section 4, he may be granted a pension notwithstanding the fact that he has not ceased to hold office. Now there's one good reason why a 87-going-on-88 year old was contesting in this year's general election.