Financial Services And Consultants, Stock Investment Advice - Home Spacer Investor Insight Spacer Devere Login
Investor Insight
deVere Login
PIC logo

P.I.C. - News

Skip Navigation Links

Home >  Label  >  Label

17 Jan, 2008

Nicola York - 17-Jan-2008

Prime Minister Gordon Brown has agreed to scrap his gold-plated pension scheme in a bid to lead the way in reforming MPs' salaries and pensions.

Brown made the announcement while calling on MPs to reject an independent review's call for them to receive a pay rise of 2.56 per cent.

Instead, Brown is urging them to vote for a pay rise of 1.9 per cent to bring them in line with policemen and nurses.

Conservative leader David Cameron called for the MPs' final-salary scheme to be closed to new entrants earlier this week, saying he wanted to end the "pension apartheid' between Westminster and private sector workers.

Rather than receiving his pension worth half his salary when he leaves office, Brown will now wait until he is 65 like everyone else.

The Senior Salaries Review Body recommended that all future prime ministers and Lord Chancellors should wait until 65 to receive their pensions but Brown said he and Lord Chancellor Jack Straw would abide by this rule themselves.

Brown also backed the review body's call for changes to MPs' pension schemes to reduce the cost to taxpayers.

These include ensuring that taxpayers pay no more than 20 per cent of MPs' pension costs - at present taxpayers are paying almost 40 per cent.

Contact Us
Valid XHTML 1.0 Transitional