IPSA holds some of the information that you request.
On the first part of your request, I can confirm that MPs currently receive a pension of 1/40th, 1/50th or 1/60th of their final salary for every year of pensionable service, depending on the contribution rate they pay. There is no automatic lump sum payable.
On the second part of your request, IPSA was given the responsibility, in October 2011, to set MPs’ pay and pensions. Following a public consultation on MPs’ pensions, IPSA introduced the interim measure to increase in MPs’ pension contributions by 1.85% ahead of a longer-term settlement. We are currently undertaking a review on MPs’ pay and pensions, which will conclude by spring 2013. If you would like further information on this or would like to contribute to the debate, please visit this link to our dedicated pay and pensions website.
On the third part of your request, we can confirm that other pension rights are taken into account when calculating an MP’s pension rights. The maximum pension payable is 2/3rds of final salary, less retained benefits (pensions built up prior to becoming an MP), or a 1/60th accrual rate (regardless of contribution paid). Please note that the state pension is not counted as a retained benefit.
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- June 28, 2012
- MPs' PAY AND PENSIONS
- Exemptions Applied: