MPs from all parties voted 14/1 in favour of an increase to their pensions. They will now be able to accrue pensions at the rate of 1/40th instead of 1/50th of their £55,118 salaries each year.
MPs will eventually pay for the increase themselves but in the meantime the Treasury will pay for 40% of the bill over the next two years.
Our view
What a shock! They vote themselves financial security whilst leaving millions of people with a mess of laws and legislation that is driving their own employers to close these types of pension scheme.