MPs receive pension bonus of £50,000 along with 10 per cent pay rise

‘MPs will receive a retirement “bonus” worth as much as £50,000 on top of their controversial 10 per cent pay rise, a pensions expert has said.

John Ralfe, an independent pensions consultant, said that as a result of the increase in MPs’ pay, which is due to rise to £74,000, their generous final salary retirement funds will also receive a boost, bringing MPs with only 14 years service, including David Cameron, a lump sum worth tens of thousands of pounds.

The House of Commons pension scheme is likely to cost the taxpayer millions more than expected, Mr Ralfe added, thanks to the pay rise which will see contributions increase correspondingly.’

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