Liz Truss set to receive huge pension despite just seven weeks in top job

The scheme was set up in 1991 following the resignation of Margaret Thatcher and since then, former prime ministers have claimed millions of dollars.

Following Truss’ resignation yesterday, she will become the fifth living former PM to be able to claim from the scheme – meaning the UK taxpayer could fork out £700,000 per year ($A2,250,000) on pension benefits.

Former PMs John Major, Tony Blair, Gordon Brown and David Cameron all claimed more than £100,000 ($A170,000) through the PDCA in 2020/2021, according to official records.

Major and Blair both claimed back the maximum available allowance, while both Brown and Cameron claimed slightly under.

Truss announced her resignation yesterday less than seven weeks after taking office, setting her up to become the shortest-serving premier in the nation’s history.

In a brief statement delivered outside her office at 10 Downing Street, Truss laid out the headwinds facing her leadership, from Russia’s invasion of Ukraine to more general economic stability.

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Failed leadership contender Rishi Sunak and former prime minister Boris Johnson, whose dramatic removal from office following a series of scandals set the stage for Truss to take power, are reportedly among those fighting to replace her.

Truss, who was sworn in on September 6, said she had tried to deliver on the “vision for a low-tax high-growth economy” that saw her triumph over former chancellor Sunak in a summer leadership race.

“Given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party,” Truss said.

“I have therefore spoken to his majesty the King to notify him that I am resigning as leader of the Conservative Party.”