It is customary for Speakers of the House of Commons to receive a Life Peerage upon their retirement and as far as I can see all holders of the post since 1800 (apart from those who died in office and one who declined the honour) have been elevated to the upper House.
Speaker Martin is certainly the worst I can recall. He was not up to the job in the first place, let alone in recent months when he has been called upon to show leadership in the expenses affair. Don�t forget as well his lamentable performance in the Damien Green affair. The blame for his election, however, rests with MPs.
The previous three holders of the post (George Thomas, Bernard Wetherill and Betty Boothroyd) demonstrated the way the job should be done and I imagine each of them would have handled the current situation far more competently.
Nonetheless Martin will almost certainly be offered his peerage as most MPs see him as an �honourable� (if incompetent) man.
His pension rights should not be an issue. If everybody who was inept was denied their agreed pension, there would be a lot of poor pensioners around.