Australian Senate Reform Act of 2016

No Tenure / No Pension. A senator collects a salary while in office and receives no pay when they are out of office.

Senators (past, present & future) participates in Social Security.  All funds in the senator retirement funds move to the Social Security system immediately.  All future funds flow into the Social Security system, and senators participate with the Australian people.  It may not be used for any other purpose.

Senators can purchase their own retirement plan, just as all Australian's do.

Senators will no longer vote themselves a pay raise.  Parliamentary pay will rise by the lower of CPI or 3%.