Altmann: MPs should have DC pensions

clock •

MPs should ditch their gold-plated pension arrangements and move to a defined contribution (DC) scheme, Saga director-general Ros Altmann says.

Altmann (pictured) said MPs' pensions are "virtually the most generous in the country" with taxpayer contributions amounting to more than £25,000 a year. She said: "I suggest an alternative approach for MPs' pensions. A pension contribution of £25,000 a year should be added to MPs' base salaries, and paid into a new DC [scheme] replacing the current defined benefit scheme. "This would help MPs better understand the issues facing the majority of the population who will only have DC pensions. So far, MPs have been cushioned from the pension changes affecting most private workers." MP...

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 Pensions

Pension reform should be part of UK's wider economic strategy - Pensions UK

Pension reform should be part of UK's wider economic strategy - Pensions UK

Organisation urges action to be taken now

Holly Roach
clock 13 October 2026 • 2 min read
Triple lock has lifted state pension 14% above earnings-only level

Triple lock has lifted state pension 14% above earnings-only level

Chancery Lane analysis illustrates so-called ‘ratchet effect’

Isabel Baxter
clock 05 October 2026 • 2 min read
Three former directors sentenced in £70m pension fraud case

Three former directors sentenced in £70m pension fraud case

3,000 people defrauded

Sophia Panayi
clock 04 September 2026 • 2 min read