However, according to Labor sources, the disgraced former MP will be paid at least $140,000 a year for the rest of his life due to being grandfathered into a now-abolished parliamentary pension scheme.

The generous pension comes after Mr Maguire likely collected more than $9500 in taxpayer-funded salary from the moment he admitted to soliciting kickbacks until the time he eventually resigned.

Mr Maguire resigned from the Liberal Party and as a parliamentary secretary on July 13 following revelations at the Independent Commission Against Corruption that he had colluded with a Canterbury councillor to profit from a Sydney property deal.

Mr Maguire said he never made any money from the deal with Chinese investors, but the revelations rendered his position in parliament untenable.

The office of the Speaker of Parliament, Shelley Hancock, confirmed to The Daily Advertiser on Friday afternoon that Mr Maguire had submitted his letter of resignation.

The Daily Advertiser understands that Ms Hancock has considered Mr Maguire’s resignation as effective immediately, and she will inform parliament on Tuesday.

Mr Maguire did not respond to a request for comment on his resignation and pension.

As Mr Maguire was first elected in 1999, he is still subject to the previous MP entitlement scheme that was overhauled in 2007 to replace pensions with superannuation contributions.

MPs elected before 2007, who have served a minimum of seven years, are entitled to a pension of 48.8 per cent of their base salary of $165,066. 

The pension rises 0.2 per cent for every month served beyond their seven years to a maximum 80 per cent.

Mr Maguire likely clocked up that monthly bonus 148 times.

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A source with experience in calculating entitlements for major party NSW MPs made a “low-ball estimate” that Mr Maguire would receive a $140,000 pension.

The source said Mr Maguire would be able to exceed the 80 per cent cap due to his additional salaries as a parliamentary whip and secretary. As Mr Maguire turned 59 in March, he is of sufficient age to start claiming his pension.

His resignation clears the way for Ms Hancock to declare the seat of Wagga Wagga vacant next week and call for writs to be issued for a byelection. 

Labor candidate Dan Hayes said Mr Maguire should have resigned from parliament immediately after the ICAC hearing.

“It beggars belief that he spent three weeks not resigning,” Mr Hayes said.

Liberal Party members are set to vote on a candidate next weekend for the Wagga byelection and have a list of four hopefuls to choose from.