PwC Australia will slash retirement payments for about 700 former partners by at least 25 per cent – or about $35,000 of the average payment of $140,000 a year – after profits dropped due to an exodus of partners after the tax leaks scandal.

The exit of hundreds of partners from the firm after the scandal means there are now more retired partners on the scheme, about 700, then there are working for the firm, about 650. The cuts will save the firm an estimated $25 million in annual payments.