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&#39Use MP pension rise to aid state scheme&#39

One in five UK voters believes the improved pension deal that MPs passed for themselves in July is disgraceful and more than a quarter think that the extra cash should be used to boost the state pension, according to research conducted for stockbroker Comdirect.

The survey reveals that 21 per cent of people think the deal is unfair and 26 per cent believe the money should be spent on increasing the state pension.

Twenty-seven per cent say if the money is not spent on basic pensions, then the Treasury should use it to improve other public services.

Only 6 per cent were not concerned about the pension increase. People in their late 50s and late 70s were the strongest proponents of using the money to pay more through the basic state pension.

The deal was approved by MPs before they adjourned for their three-month summer holiday. It will raise their rate of pension from one-fiftieth of their £55,118 salary for each year of service to one-fortieth.

Comdirect compares this figure with most final-salary schemes, which it says are one-sixtieth or one-eightieth.

Chief executive John Glendinning says: “At a time when tumbling stockmarkets continue to damage pension funds and an estimated 75 per cent of FTSE 100 companies with final-salary pension schemes face a shortfall, the MPs&#39 new deal highlights the double standards of those in their ivory towers.”


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