The Independent Parliamentary Standards Authority has released its final report on MPs’ pay today. It’s pretty much what was expected — a big salary bump, paid for by cutting back expenses and pensions, to start in the next Parliament. This is what you need to know:
- MPs’ pay will a take one-off hike to £74,000. Ipsa says this is to ‘address the historic shortfall’. This is a 11 per cent rise based on what they’re paid today, or 9.26 per cent on top of a previously announced inflation-linked pay rise. After this, MPs’ pay will track average earnings — going up or down based on what’s going on rest of the country.
- Less generous pension scheme. The current final salary pension scheme will be discontinued, replaced with one based on career average re-valued earnings (CARE). This is more in line with other parts of the public sector. MPs’ individual contributions to their pensions will also rise.
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