helshea
Dear spokesperson, How much exactly will your private pension be when you retire?
Hi helshea,
I've worked in three jobs since I left university, and each one had a different pension scheme. I recognise that I am lucky because I know many people my age who haven't got any pension savings whatsoever. I only entered Parliament last May, but I think your question is probably about MPs' pensions.
You may have seen that MPs decided to relinquish control over the level of MPs’ pensions to the Independent Parliamentary Standards Authority. I support this move, and think that any pension changes in the public sector should be reflected in MPs pensions. MPs currently contribute 11.9%, and any changes should be done in line with the Hutton recommendations for the whole public sector. The details are going to be worked out and that can only be a good thing. There will probably be an increase in MPs contributions and I expect that we will move to a career average, rather than a final, salary scheme too.
So I know I haven't said what my pension is going to be, but I'll probably be working for another 30+ years, so it's difficult to tell, but I hope the information about how the MPs' pension scheme works is useful.