Skip to the content

Details of MPs' pensions
CAS-75089
Disclosure Date:23 Mar 2017
Categories: MPs' PAY AND PENSIONS
Exemptions Applied: None
Request

Following the introduction of the new CARE pension scheme for MPs in 2015, with transitional arrangements for those MPs within 10 years of retirement, can you please advise me of the current split of membership by numbers of MPs between the CARE and Final Salary sections of the scheme?

 

Response

As you will be aware, IPSA conducted a comprehensive review of MPs’ pay and pensions between 2012 and 2015.

You can find full details of that review on our website via this link.

In December 2013, we confirmed our proposal for MPs’ pensions that from the 2015 general election all future accrual should be on a career average re-valued earnings (CARE) basis, in a scheme based on the model used for the reform of other public service schemes.

The new pension scheme was laid before Parliament in December 2014 and came into effect at May 2015. The new pension scheme can be found on our website via this link.

For some MPs close to retirement, a transitional arrangement was put in place. As part of these arrangements, some MPs remained in the old (final salary) pension scheme.

At the time of responding, 149 MPs remained in the old final salary pension scheme, and 431 were in the new CARE scheme[1].

More information about the MPs’ Pension Scheme can be found on the website of the Parliamentary Contributory Pension Fund (PCPF).

 

[1] A small number MPs have opted out or have reached the maximum age to be able to contribute.