MPs have the most generous final salary pension scheme in the country. They get a choice of contribution levels – the more they contribute the more the state puts into their pension. Many people accrue benefits at a rate of 1/80th of their final salary for every year they have belonged to their scheme (or 1/60th at the most) but some MPs can accrue at a rate of up to 1/40th of final salary.Not so bad. Of course they will be amending it, won’t they? Well, not any time soon:
In this year's budget, chancellor George Osborne accepted the recommendations made in Hutton's report and added: "I believe this House should also recommend similar changes to the pensions of MPs." However, no date has been set for this and there are unlikely to be any changes this year.