Almost a dozen retiring MPs could see upwards of $130,000 per year paid out to them in their pensions, a move which could cost taxpayers $20 million in coming years. Eleven of 19 members of parliament who are retiring after Saturday's NSW election, were elected before the pension reforms in 2007 and therefore qualify for the huge payouts. Former Liberal Premier Barry O'Farrell was first elected in 1995, so he will be eligible for the pension, however former Labor Premier Nathan Rees is among the eight MPs who will miss out, The Daily Telegraph reported. Nearly a dozen retiring MPs, including former NSW Premier Barry O'Farrell have huge pensions awaiting them . Former Labor MPs Richard Amery (left) and Barry Collier (right) qualify to receive at least $130,000 a year . George Souris, Nationals MP will also be eligible for a large sum after more than a quarter of a century in parliament . Mr Rees will instead receive a standard superannuation scheme, akin to those other public servants are rewarded. The guidelines state that retiring members of parliament who have served a minimum of seven years, and were elected before 2007 are entitled to 48.8 per cent of the base parliamentary salary of $149,541. For each month past the seven year mark, that figure rises by 0.2 per cent, meaning some MPs such as Labor's former father of the house Richard Amery could see more than $150,000 a year after his 32 year service. Labor MPs Carmel Tebbutt (left) and Cherie Burton (right) will also be eligible for a large sum . Liberal MP Robyn Parker (pictured) qualifies for the hefty pension scheme . Former Premier Morris Iemma introduced the new reforms in 2007, after a report revealed the extent to which taxpayers were footing the bill. Nationals MP George Souris will also be eligible for a large sum after more than a quarter of a century in parliament, as will Labor MPs Carmel Tebbutt and Cherie Burton. Other candidates from the Labor camp include Barry Collier and Barbara Perry. Liberal MP Robyn Parker qualifies for the hefty pension scheme, as does Nationals' Andrew Stoner and Don Page, and Independent Chris Hartcher. Independent Chris Hartcher is eligible for the scheme, which was changed in 2007 to make it more modest . Former NSW deputy Premier Andrew Stoner (left) can look forward to a profitable pension, as can fellow Nationals MP Don Page (right) Between these 11 MPs the bill taxpayers may have to foot could reach $20 million over coming decades, taking into account the average life expectancy of Australians. However the scheme has been heavily criticised by Greens upper house member John Kaye, who described it as 'excessively generous'. 'The old scheme was excessively generous and most people would look at it and question where the fairness is', Mr Kaye told The Daily Telegraph. He added that some MPs eligible for the old scheme 'clearly don't need it', and asked them to watch how they spend their cash. The scheme, for which Labor MP Barbara Perry is eligible for, has been heavily criticised by Greens upper house member John Kaye .
Eleven of 19 retiring NSW MPs could see pensions of at least $130,000 . They were elected before 2007 and therefore qualify for the huge payouts . This could cost taxpayers $20 million over coming decades .