View more on these topics

How much is an MP worth?

The body in charge of setting MPs’ salaries and pensions has launched a public consultation on whether MPs are giving the public value for money.

The Independent Parliamentary Standards Authority was set up in the wake of the MP expenses scandal.

IPSA has already introduced a pay freeze for MPs and a 1.85 per cent increase in their pension contributions.

IPSA chair Sir Ian Kennedy says the online consultation will inform a longer term settlement.

He says: “How we remunerate MPs is a statement about the place they have in our society. So, we have to move carefully and thoughtfully.

“We cannot do this on our own, nor should we. Nor can we do it just by listening to political insiders in the Westminster Village. We need to get as many views as possible.”

MPs currently earn £65,738 a year. The consultation asks how much they should be paid, whether it is useful to compare their remuneration to legislators in other countries or in other professions and whether it should relate to previous experience or take account of outside earnings.

MPs currently contribute between 5.9 and 11.9 per cent into their pensions. IPSA says this is more than most public sector workers but that MPs also receive more generous benefits than most. The survey asks whether MPs should be treated in line with the rest of the public sector.

Recommended

FSA gets tougher on DB transfers

The FSA has confirmed changes to the way pension transfers are calculated in a bid to make it more difficult for advisers to recommend an investor quits their defined-benefit scheme. In February, the regulator outlined plans to change the way pension transfers from defined-benefit to defined-contribution schemes are calculated in a move expected to prevent […]

TPR allows ‘breathing space’ over DB deficits

The Pensions Regulator has confirmed it will give employers with defined-benefit pension schemes “greater breathing space” to fill deficits. Over the past year, the eurozone crisis and the Government’s quantitative easing programme have caused a spike in demand for UK gilts. As a result, gilts are becoming more expensive, depressing interest rates and reducing the […]

‘Employers should treat pensions equally with other priorities’

The Pensions Regulator has warned defined-benefit scheme sponsors that pension funds must be treated equally with other competing priorities when company assets are allocated. The warning follows a statement from the regulator last week confirming that struggling employers would be given “breathing space” to pay back pension deficits over a longer period of time. The […]

Shipman Financial Planning acquires Devon-based IFA

IFA firm Shipman Financial Planning has acquired CMC Financial Services for an undisclosed sum. CMC specialises in advising high net-worth clients in east Devon, around its Budleigh Salterton base, and has over £25m in funds under management. The CMC deal follows Shipman’s acquisition of C&M Financial Services in 2009. The sale was prompted by the […]

Scheme pays explained

By Fiona Hanrahan, senior product insight and technical support analyst We’ve received lots of queries on scheme pays and when it can be used. This article explains how it works and the conditions which apply. What is ‘scheme pays’? If an individual exceeds the annual allowance (AA) and an AA tax charge is due, they […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Mark Garnier is worth nothing because that amounts to what he did for IFAs.
    Hoban is worth even less.

  2. Michael Fallas 3rd May 2012 at 9:00 pm

    MP’s should have to pass exams like we do as from learning about our laws and acts of parliament, Hansard and the expenses system. Some make financial decisions bigger than many IFA’s will ever do yet they have no accountability at all.

    I wonder why that is !!

  3. I note that there is no reference to the increase in MPs’ ‘fiddle money’ which was slipped out just before the ‘austerity for the rest of us without an off shore account’ budget!
    As a full taxpaying citizen voter, might I suggest that ANY increase for MPs’ is postponed until after Sections 2-4 of the Fraud Act is FULLY deployed against the 200+ MPs in the last Fraudsters’ Parliament who, in one way or another, stole taxpayers’ monies and we have enjoyed a symphony based upon the slamming of cell doors behind those found guilty!

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com