MPs should lose their gold plated defined benefit (DB) pensions and see them replaced by a career average set up, the Independent Parliamentary Standards Committee (IPSC) has recommended.
IPSA was given control of the scheme after the expenses scandal of 2009, and imposed a temporary freeze on contribution increases of 1.85% with a view to proposing a new structure in 2013. In a consultation issued today, the committee, which was advised by Hymans Robertson, set out its principles for reform of the MPs' scheme. It said the new scheme must balance costs and risks between members and taxpayers. It added the scheme should provide MPs with an "appropriate" pension in retirement based on their service as an MP, and should not be expected to make up any shortfall in provi...
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