High-profile ministers have pension pots worth more than 10 times the £25,000 accumulated by an ordinary saver in the private sector, the party says. This comes on top of the generous pensions they will receive as MPs.
Treasury spokesman Lord Oakeshott says: “Ministers’ pension pots shot up by 30 per cent last year while private pensions plummeted.
“The yawning chasm between public and private pensions is unhealthy for our economy and democracy.”
Oakeshott says deputy Labour leader Harriet Harman will be able to retire next year at age 60 with a total pension pot worth almost £1.5m.
He says: “The Government must act urgently. Public sector fat cats must come off their double cream pensions and onto an affordable pensions diet like the millions of taxpayers on modest and middle incomes who have to pay the bill.
“How is it fair for civil servants to go and retire at 60 for the next 35 years when most people must work to 65 or 70?”
He adds: “The Tories must come clean this week on what they would do about rocketing public sector pension costs, otherwise there is a hole in the heart of their economic policy.”