Departing MPs pensions

[lynbrown]

Will all the MPs who are now ' retiring at the next election' all get pensions? If so, how much?

[dot.haukes]

It's unlikely unless they have been on sorry in the game for several years lol

[Buenchico]

MPs can choose whether to have 6% or 10% of their salary paid into their pension scheme.

If they choose to pay 6%, every year of service will add one fiftieth of their final salary to their pension.

If they choose to pay 10% (which is the 'default' payment), every year of service will add one fortieth of their final salary to their pension.

An MP retiring now, after 5 years of service (and paying in 10% of his/her salary to the scheme) will receive five fortieths of his/her current salary of �64,766 as his/her annual pension. So that's an annual pension of just �8095.75.

However the MP won't start receiving that pension until they're 65. The amount is not index-linked in the interim period, so a 45-year-old MP (retiring after 5 years of service) will have to wait 20 years before getting that �8095.75 per year which, by then, will probably be worth very little.

Chris

[VHG]

>Will all the MPs who are now ' retiring at the next
>election' all get pensions? If so, how much?

As Chris points out, there is no "set" pension.

It will depend how long you have been an MP, how much you paid into it, and how old you are when you stop being an MP.

Of course some of the MPs who are retiring are already over 65 and have been MPs for 20 or 30 years, so they will get rather larger pensions than �8,000 a year.

[rov1200]

Not forgetting their 50% of salary if they are booted out at the next election. Does the gravy train ever stop?