MPs lose right to vote for own pension rises

clock

MPs have passed a motion transferring the responsibility for setting their pension payments to the Independent Parliamentary Standards Authority (IPSA).

The motion, presented by leader of the House Sir George Young, adds pension responsibilities to the pay-setting duties IPSA already has. MPs will no longer vote through their own pension increases or decreases. The motion also means MPs will face the same increases to contributions as all other public sector employees. Other public sector workers face increases to their contributions, a shift from final salary to career average arrangements, and later retirement dates than previously agreed. The motion does not change the legal duty of the trustees of the scheme, who will still adm...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on uncategorised

Scotland Investment Roadshow 2024: Last chance to join PA in Edinburgh and Glasgow

Scotland Investment Roadshow 2024: Last chance to join PA in Edinburgh and Glasgow

The Scotland Investment Roadshow kicks off next week

Professional Adviser
clock 18 September 2024 • 2 min read

Building Society-owned Newcastle Financial Advisers acquires Openwork firm

First of a number of acquisitions

Hannah Godfrey
clock 09 December 2019 • 1 min read

Bond managers fear hedges being undermined as liquidity dries up

The recent sell off in the bond market and growing liquidity issues have forced bond investors to use similar hedging techniques, undermining their effectiveness and causing concerns about how much downside protection funds really have.

Anna Fedorova
clock 03 July 2013 •