Sinn Fein says Gerry Adams can keep all £580k Oireachtas pension – but it will slash all future retirement payments for TDs

The report came after it was reported Mr Adams is to receive a lump sum of £53,500 as 18 retiring TDs are set to share in an estimated £18.5m pension pot

The news came yesterday as southern parties face controversy surrounding the increase in the Republic’s state pension age from 65 to 68 – which will not affect TDs.

Mr Adams, a TD for nine years, is entitled to an estimated lump sum of around £53,500 and an annual payment of £17.8k. The cost of his pension in the private market would be an estimated £580,000, the Irish Independent reported.

His Sinn Fein colleagues Martin Ferris and Caoimhghín Ó Caoláin are to receive payments of £1.28m and £1.44m respectively.

Sinn Fein finance spokesman Pearse Doherty said Sinn Fein will not be asking its retiring TDs to give back any of their pension entitlements - but has promised to reduce retirement payments to future TDs and Ministers if it wins power.

It has long championed its public representatives’ refusal to take pay increases awarded to TDs and Senators in recent years, as well as their commitment to taking the average industrial wage. Mr Pearse said that Sinn Féin in government would outlaw TDs being able claim their pensions before the age of 65.

Sinn Fein said: “Oireachtas pensions are a matter for individuals and the party has no role whatsoever in what is paid to former Teachtaí Dála or what they do with their payments.”