Tories To Scrap MP Final Salary Pension Scheme

The Tories are to scrap the MP Final Salary Pension Scheme according to Tory leader David Cameron.

His has outlined proposals to scrap the MP gold-plated final salary schemes and replace them with a defined contribution pension scheme.   He believes that closing the defined benefit pension scheme to new members and replacing it with a defined contribution pension scheme would give the public more confidence in government.

Pensions reform minister Mike O’Brien has said “this idea would destroy the best pension schemes in Britain and send out the wrong signal to workers”.  He also pointed out that the new Pensions Bill introduced deregulatory measures to encourage employers to remain in gold-standard schemes.

Our view

Thanks Mike!  Guess who is paying for your ‘gold plated’ pension scheme.  That’ right, us, British Business, the only contributor to raise wealth in this country, not you!  MP’s voting on their own pay rises and their own pension scheme is a conflict of interest.  There should be a totally separate pay review board much like the Financial Services Consumer Panel to set MP pay packages.

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