Section 7, Gratuities and other Benefits Act, 2001;

(1) Any person who, before ceasing to be a Member of Parliament, has served as such Member or as the Speaker or Deputy Speaker for a qualifying period of five years or more, is entitled to a monthly pension computed on the basis of an annual pension rate determined by a resolution of Parliament and prescribed by statutory instrument. (2) For the purposes of this section, a person ceases to be a Member of Parliament– (a) in the case of such Member as defined in subsection (1) of section 74 of the Constitution, if he vacates his seat under subsection (l) of section 77 of the Constitution; and (b) in the case of the Speaker or Deputy Speaker, if– (i) he resigns or retires from Parliament; or (ii) he vacates his office under subsection (4) of section 79 of the Constitution or, as the case may be, under subsection (4) of section 80 of the Constitution.