Anyway's supposing the Tories win, can they remove him from the House of Lords?? (hopefully without any pension rights etc etc)
Not without reforming the House of Lords 'cos Gordie made him a life peer in 2008. (Despite his rather spurious background, mixed up with a fair bit of suspicion of fiddling/cheating))
So even reforming the H of L (assumption) will give financial compensation to current occupants.
Unless some transitional reform sees 're-elected' peers foregoing financial compensation.
Anyway he's entitled to a pension:-
" As a former EU commissioner, Lord Mandelson is entitled to a £31,000 pension when he reaches the age of 65 years. This, however, is contingent on a "duty of loyalty to the Communities" which applies also after his term in office" (Wikipedia)
This "duty of loyalty" was also raised as possibly being a conflict of interest to his role in the UK Government.
"The Taxpayers' Alliance, which uncovered the potential threat to his pension, demanded that he should declare it as a conflict of interest, and either forgo his EU pension payments or resign as a minister. "When one considers that his new ministerial post deals specifically with Business, Enterprise and Regulatory Reform – all areas that are intimately involved with EU legislation, regulation and policy –" the group said, "the conflict of interest is even more stark." (Wikipedia)
This is in addition to :
"he will continue to receive taxpayer-funded EU pay worth £234,000 over three years - in addition to his annual ministerial salary of £104,386. " (BBC News 2009)