Getting ready for a Tory win at the general election.

baileysbattlebus

peterg1965 wrote: »

Details of MPs pension scheme here. I do not believe their is a minimum term to qualify.

Members of Parliament belong to the parliamentary pension scheme. This is a final salary scheme with

a current accrual rate of 1/40

th or 1/50th. It is a contributory pension with the contribution rate now set at
10% (40th accrual) and 6% (50th accrual) of salary

Further information on the Parliamentary pension scheme can be found in the House of Commons
Library research paper “Parliamentary pay, allowances and pensions.”

17

Background
A pension for MPs was first introduced on 16 October 1964. The Committee on the Remuneration of
Ministers and Members of Parliament (the Lawrence Committee, Cmnd 2516) recommended that a
pension scheme for MPs should be introduced. This was done by the

Ministerial Salaries and Members'

Pensions Act 1965

. The scheme was unusual in that both benefits and contributions were fixed in money
terms.

MPs pensions are the same as any other scheme - they can retire at 50 until April this year with an actuarially reduced pension for every year they go early.

Members elected before 4 November 2004 can currently draw an early retirement pension without any reduction being applied for early payment if they are aged 60 or above and their combined age and qualifying service under the scheme totals 80 or more at date of retirement. When the House decided to phase out this retirement provision in 2004, it agreed that only qualifying service up to 1 April 2009 or the next General Election, whichever was later, would count towards the qualifying period for early retirement. MPs who have qualifying service of between 15 and 20 years as at the later of April 2009 and the forthcoming General Election will have more generous early retirement factors applied to their early retirement pension. This will not apply to any pension built up after April 2009 (or the General Election if later)

They (MPs) contribute 11.9% of salary for a 1/40th pension, less for a 1/50th pension and less again for 1/60th pension - they have a choice.

http://www.parliament.uk/commons/lib/research/briefings/snbt-01844.pdf

Kohoutek

Davey2009 wrote: »

Typical tory voter then eh money to throw away.................. well hang on to your champagne my freind I think you may just need it to drown your sorrows once Labour return to power - again!

I think most people with prospects beyond the benefits system will be thinking of leaving at that point...

Heyman_2

peterg1965 wrote: »

I bought two very nice Selfridges champagne flutes today and will add to the number in the next few weeks. I am still trying to decide what Champagne to buy in preparation for election night, probably Veuve Cliquot or whatever they have on offer in Selfridges.

I just cannot wait to see the faces of Hazel Blears, Harriet Harperson, Caroline Flint, Gordon Brown et al as the results come in.....

Sorry I am being a little premature......

I can think of many better reasons to crack open champagne, than to celebrate one group of lieing freeloading scum being replaced with another group of lieing freeloading scum.