MPs Pension Contributions To Rise Next Month

PA/The Huffington Post UK  |  By   |  Posted: 19/03/2012 14:10 Updated: 19/03/2012 14:10

MPs will have to pay more towards their pensions, it emerged on Monday, when The Independent Parliamentary Standards Authority (Ipsa) announced the 1.85% hike in contributions would take effect from 1 April.

But the rise is only an interim measure while it carries out its longer-term review of pay and pensions, due to be complete by the end of 2013.

Ipsa has also decided to allow MPs to change the rate at which benefits accrue in recognition of the high contribution some make to their pensions.

MPs currently earn an annual salary of £65,738. This change in pensions comes following the coalition's decision in the 2010 spending review to increase employee contributions in public service pension schemes.

The government also announced last week that ministers would see an increase in the contribution they paid towards their ministerial pensions.

Cabinet Office minister Francis Maude said:

  • Secretaries of State, the Leader of the Opposition in the Commons and Speaker in the House of Lords will pay an additional 2.4 percentage points of pay;
  • Ministers of State, the Government Chief Whip, the Leader of the Opposition in the Lords, the Chairman of Committees of the House of Lords and the Deputy Chairman of Committees of the House of Lords will pay an additional 1.6 percentage points of pay
  • Parliamentary Under Secretaries, the Government Whips and Opposition Whips will pay an additional 1 percentage point of pay.

Speaker John Bercow caused controversy when it emerged that he had kept his "Great Office of State" pension, alongside the one he is accruing as an MP.

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MPs will have to pay more towards their pensions, it emerged on Monday, when The Independent Parliamentary Standards Authority (Ipsa) announced the 1.85% hike in contributions would take effect from 1...
MPs will have to pay more towards their pensions, it emerged on Monday, when The Independent Parliamentary Standards Authority (Ipsa) announced the 1.85% hike in contributions would take effect from 1...
 
 
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19:02 on 21/03/2012
Who gives one, their percentage amounts to a paltry 500 quid or so out of 66 grand, public sector workers on garbage wages suffer by losing a fiver a week, the working classes cant afford to lose anything or work more years, they're worn out long before 65 now, anyone in a manual role, you know, the jobs nobody wants, can afford nothing and are dying by 65, my old man didn't even get there, he was 61, worked from age 14, worn out at 50, dead eleven years later, its ok for those not enduring physical hardship to simply up retirement age because they live to a ripe old age but not all of us are destined to get there, yet we have these clowns dictating you slog on till you're dead.
northern git
fed up with all the political crap in life
15:55 on 19/03/2012
they are soon going to feel the pinch so they will have to award themselves and above inflation pay rise

oh and then up their allowances
18:02 on 19/03/2012
The majority of them are millionaires anyway so what the hell do they care?